SHANGHAI, Apr. 21 (SMM) – SHFE copper outperformed LME copper and moved widely between RMB 42,600-43,600/mt. Trading volumes soared more than 1.8 million lots, and positions tumbled 35,000 before the weekend.
Downstream buyers began purchasing when copper prices fell to RMB 43,000/mt last week, helping improve spot trades.
China’s stock markets will extend gains, and SHFE copper may follow LME copper up to challenge RMB 44,000/mt.