SHFE Copper Prices Close at RMB 43,770/mt (Mar. 27, 2015)

SHANGHAI, Mar. 28 (SMM) – SHFE three-month copper contract prices opened at RMB 44,050/mt Thursday evening, then climbed but fell back due to crude oil and US eocnmoic indicator releases, meeting resistance at RMB 44,340/mt, with the low-end of the price range of RMB 43,870/mt. The most actively traded copper contracts on the SHFE closed the day at RMB 43,970/mt, up RMB 150/mt or 0.34%. Trading volumes were 296,000 lots, and total positions increased 9,026 to 343,364.

SHFE three-month copper contract prices slumped with LME copper prices after opening on Friday, but found support from RMB 43,360/mt, then stabilized at RMB 43,560/mt. In the afternoon, the most actively traded SHFE copper contracts gained back some losses, and closed the day at RMB 43,770/mt, down RMB 50/mt or 0.11%. Trading volumes were up 141,000 lots, and total positions increased 27,080 to 560,376.