SHFE Copper Closes up RMB 220/mt at RMB 47,470/mt (Nov. 20, 2014)

SHANGHAI, Nov. 20 (SMM) – Copper for January delivery on the Shanghai Futures Exchange, the most active contract, opened at RMB 47,370/mt during Wednesday’s night session and advanced close to RMB 47,700/mt. The price of the SHFE 1501 copper contract tested support at RMB 47,200/mt subsequently before closing up RMB 230/mt at RMB 47,480/mt. During the night session, trading volumes for the most active contract totaled some 110,000 lots, while positions were little changed. Positions for SHFE back-month copper contracts increased by a small margin.

On Thursday, SHFE copper initially swung by less than RMB 100/mt around the RMB 47,500/mt mark and finished up RMB 220/mt, or 0.47%, at RMB 47,470/mt. Trading volumes for the SHFE 1501 copper contract shrank by 20,566 lots, while positions shed by 8,416 lots.