SHFE Copper Falls RMB 140/mt, Meeting Resistance at RMB 47,500/mt (Nov. 3, 2014)

SHANGHAI, Nov. 3 (SMM) – The most active SHFE 1501 copper contract slid to RMB 47,300/mt after starting last Friday’s night session at RMB 47,630/mt. The price of the contract fell as low as RMB 47,100/mt subsequently, and finished down RMB 220/mt at RMB 47,220/mt. During the night session, trading volumes for the most active contract surged to 250,000 lots, and positions spiked by 13,676 lots.

SHFE copper edged up RMB 47,400/mt early on Monday, meeting resistance at around RMB 47,500/mt, and ended down RMB 140/mt, or 0.3%, at RMB 47,300/mt. Trading volumes added by 74,028 lots, while positions expanded by 13,138 lots.