SHFE 1505 Copper Closes Down RMB 190/mt (Mar. 17, 2015)

SHANGHAI, Mar. 17 (SMM) – SHFE 1505 copper contract met resistance at RMB 42,900/mt during Tuesday’s daytime trading and fell quickly after opening to RMB 42,600/mt. The May-delivery copper then touched a low of RMB 42,260/mt in the afternoon to close at RMB 42,430/mt, posting a decline of RMB 190/mt.

Positions in SHFE 1505 copper contract fell by 9,432 and trading volumes grew 64,464 lots. Positions in SHFE 1506 copper contract surged 22,324.

SHFE most-active copper contract started RMB 200/mt lower at RMB 42,600/mt for Monday’s night session and rose to RMB 42,960/mt on buying support and lower US dollar index. The prices then gave back some gains due to increased short positions and ended the session at RMB 42,740/mt. Positions in the May delivery copper increased 3,950, and trading volumes were 159,558 lots.