SHANGHAI, Apr. 27 (SMM) – SHFE 1507 copper contract gapped higher at RMB 43,610/mt during night session Friday, and moved narrowly between RMB 43,390-43,690/mt. The prices finally closed at RMB 43,560/mt, up RMB 410/mt. Positions in the most active contract increased 2,846 and trading volumes were about 106,000 lots.
The July-delivery SHFE copper tested RMB 43,800/mt on Monday and hovered at RMB 43,700/mt before ending at RMB 43,730/mt, up RMB 580/mt. Trading volumes of SHFE 1507 copper contract increased 154,000 lots, while positions grew 13,602. Total positions in SHFE copper declined 13,828. SHFE copper has found solid support after standing above major moving averages.