SHANGHAI, May 5 (SMM) – SHFE 1507 copper contract prices started at RMB 45,830/mt Monday night and soon climbed to RMB 45,930/mt but met resistance at the level. The prices then pulled back to RMB 45,650/mt and hovered near RMB 45,780/mt before ending at RMB 45,730/mt, up RMB 260/mt, or 0.57%.
The July delivery SHFE copper touched a low of RMB 45,550/mt during daytime trading Tuesday, due to falling Chinese stocks, lower LME copper and longs closing positions. The red metal ended at RMB 45,730/mt. Trading volumes of the most active copper contract fell by 33,940 lots and positions dropped 17,356.