May-Delivery SHFE Copper Rises to RMB 43,200/mt (Mar. 2, 2015)

SHANGHAI, Mar. 2 (SMM) – Despite the People’s Bank of China’s interest rate cut and a level-out of HSBC’s China manufacturing PMI, SHFE 1505 copper contract fell to RMB 42,400/mt after starting Monday’s daytime trading. The most active copper contract then moved between the 60 and 5-day moving average in the afternoon but hit a high of RMB 43,280/mt before ending at RMB 43,200/mt, up RMB 510/mt, or 1.19%. Trading volumes of the most active contract declined 14,714 lots and positions fell by 13,582. Volumes of SHFE 1506 copper contract grew 44,580 lots and positions increased 9,816.

SHFE most-active copper contract opened at RMB 42,600/mt during night session last Friday and finished at RMB 42,720/mt, up RMB 30/mt. Positions in the May-delivery copper declined 1,288, and trading volumes were about 140,000 lots.