SHANGHAI, Apr. 1 (SMM) – SHFE 1506 copper contract started at RMB 43,430/mt during Tuesday’s night session and soon increased to RMB 43,670/mt. Later, however, the price fell below RMB 43,200/mt due to selling pressure and ended the session at RMB 43,090/mt, down RMB 680/mt. Positions in the June delivery copper increased 7,606, and trading volumes were around 230,000 lots.
The SHFE copper for June delivery drifted higher to RMB 43,300/mt after starting Wednesday’s daytime trading powered by stronger China PMI data and touched RMB 43,500/mt in the morning. Later, the prices gave back some earlier gains and ended at RMB 43,260/mt, down RMB 510/mt. Positions in the most active contract increased 4,040 to 387,568, while trading volumes shrank by 14,000 lots. Iron ore and rebar prices continued to fall despite stimulus polices, suggesting that expectation for the peak demand season has been priced in.