SHFE Copper Rises RMB 360/mt to RMB 47,770/mt (Oct. 29, 2014)

SHANGHAI, Oct. 29 (SMM) – The most active SHFE 1501 copper contract hovered narrowly around RMB 47,650/mt during Tuesday’s night session after starting at RMB 47,710/mt. The price of the red metal confronted resistance at RMB 47,730/mt subsequently, and finished up RMB 260/mt at RMB 47,670/mt. During the night session, trading volumes for the most active contract totaled some 90,000 lots, and positions added by 10,328 lots.

On Wednesday, SHFE copper initially lacked impetus to rise, but surged to an intraday high of RMB 47,780/mt at the tail of the trading before closing up RMB 360/mt, or 0.76%, at RMB 47,770/mt. Trading volumes decreased by 11,220 lots, and positions shrank by 7,288 lots.