SHFE Copper Climbs 2.63% to RMB 42,120/mt (Feb. 13, 2015)

SHANGHAI, Feb. 13 (SMM) – SHFE 1504 copper contract prices increased RMB 200/mt soon after starting the day trading January 13, but failed to cross above the resistance at RMB 42,000/mt in the morning. In the afternoon, the prices managed to gain momentum to challenge RMB 420,280/mt, and closed at RMB 42,120/mt, up RMB 1,080/mt, or 2.63%. Positions in the most active SHFE copper contract decreased 17,322, while trading volumes increased 149,000 lots. Investors will continue to leave the market next week for the Chinese New Year holiday.

SHFE most-active copper contract opened at RMB 41,330/mt during Thursday’s night session and drifted higher to close at RMB 41,800/mt, up RMB 760/mt.