SHANGHAI, Apr. 10 (SMM) – SHFE 1506 copper contract opened higher at RMB 43,380/mt Thursday evening, and rose to RMB 43,450/mt before falling back to RMB 43,180/mt due to a stronger dollar. The prices closed the session up RMB 20/mt at RMB 43,300/mt. Positions grew 1,352 and trading volumes were only 100,000 lots. The anticipation for an upturn in copper consumption seemed to have failed to materialize thus far. But high premiums in spot market kept prices from falling sharply.
The most active SHFE copper contract extended the strong momentum and touched RMB 43,600/mt on Friday, and closed at RMB 43,530/mt, up RMB 250/mt. Positions in the most active contract declined 3,636, and trading volumes fell 3,328 lots. Positions in SHFE 1507 copper contract grew 5,438 with trading volumes also up 10,406 lots.