SHANGHAI, Jan. 22 (SMM) – Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started at RMB 41,040/mt and then tested support at RMB 40,930/mt in Wednesday’s night session. The price of the SHFE 1503 copper contract rebounded to an intraday high of RMB 42,180/mt at the tail of the trading and closed up RMB 690/mt, or 1.67% at RMB 42,010/mt. Positions for the most active contract shed 9,796 to 258,842, while trading volumes totaled some 360,000 lots. Positions for the SHFE 1504 copper contract decreased 2,676 to 241,108.
On Thursday, SHFE copper initially sank to RMB 41,700/mt and fell further at the tail of the trading to end up RMB 240/mt, or 0.58% at RMB 41,560/mt. Trading volumes for the most active contract added by 175,000 lots, while positions shrank by 14,994. The SHFE 1504 copper contract advanced to RMB 41,990/mt early on Thursday and fluctuated around at RMB 41,500/mt in the afternoon trading before finishing up RMB 210/mt, or 0.51% at RMB 41,390/mt. Trading volumes for the contract amounted to 114,000 lots, while positions gained by 9,994.
