SHFE June-Delivery Copper Shifts to Most Active Contract and Ends up 3.7% (Mar. 23, 2015)

SHANGHAI, Mar. 23 (SMM) – SHFE 1506 copper contract became the most active one during night session last Friday, and rose above all major moving averages helped rallying LME copper and short covering. The June-delivery copper touched a high of RMB 43,540/mt with longs entering the market and closed the session up RMB 1,300/mt at RMB 43,430/mt. Positions in the June delivery copper increased 15,104, and trading volumes soared to 310,000 lots.

The June delivery copper hit a high of RMB 44,040/mt during daytime trading Monday, but met resistance and pulled back to RMB 43,700/mt. In the afternoon, SHFE copper remained range-bound and closed at RMB 43,690/mt, up 3.7%. Positions in SHFE 1506 copper contract rose by 10,708 and trading volumes increased 220,000 lots. Total trading volumes grew 598,000 lots but total positions declined 10,384.