SHANGHAI, Jan. 19 (SMM) – Copper for March delivery on the Shanghai Futures Exchange, the most active contract, fell briefly to RMB 40,750/mt after starting at RMB 40,850/mt in last Friday’s night session. The price of the SHFE 1503 copper contract rebounded to RMB 41,630/mt afterwards and finished up RMB 520/mt, or 1.27% at RMB 41,590/mt. During the night session, positions for the most active contract shed 8,494 to 295,132, while trading volumes totaled some 250,000 lots.
On Monday, SHFE copper fell to an intraday low of RMB 41,365/mt after opening a touch lower, but rebounded later to hover around RMB 41,600/mt by the midday. The price of the red metal swung by only about RMB 200/mt in the afternoon trading session and tested support at RMB 41,400/mt at the tail of the trading before ending up RMB 700/mt, or 1.70% at RMB 41,770/mt. Positions for the most active contract tumbled 16,336 to 287,290, while trading volumes shrunk by 138,000 lots.