SHANGHAI, Apr. 23 (SMM) – SHFE 1506 copper contract started lower at RMB 43,210/mt during night session Wednesday, and followed LME copper down after rising to RMB 43,390/mt briefly. The most active copper contract then dipped to RMB 42,960/mt and closed at RMB 43,010/mt, down RMB 240/mt. Positions in the most active contract declined 2,248 and trading volumes were only about 110,000 lots.
The most active SHFE copper contract moved around RMB 43,150/mt after opening on Thursday and slipped to RMB 42,670/mt in the afternoon due to selling pressures and China’s poor PMI data. The prices then rose slightly to close at RMB 42,990/mt, down RMB 260/mt. Trading volumes for the SHFE 1506 copper contract increased 88,126 lots and positions dropped 14,598. Trading volumes of SHFE 1507 copper contract soared 100,500 lots, while positions grew 24,236.