SHANGHAI, Apr. 13 (SMM) – SHFE 1506 copper contract opened at RMB 43,510/mt Friday evening, and rose to RMB 44,000/mt. The prices then surrendered earlier gains to end at RMB 43,470/mt, up RMB 90/mt. Positions grew 1,674 and trading volumes were around 200,000 lots. Many longs closed positions at RMB 44,000/mt.
The most active SHFE copper contract railed to rise above RMB 43,700/mt during Monday’s daytime trading and closed at RMB 43,680/mt, up RMB 300/mt. Positions in the most active contract grew 1,286, and trading volumes increased 82,046 lots. Resistance at RMB 44,000/mt remains strong, but support at lower levels is also solid.