SHANGHAI, May 20 (SMM) – SHFE 1507 copper contract prices gapped lower at RMB 45,320/mt for night session Tuesday, and dropped to RMB 44,710/mt before closing the session at RMB 44,810/mt, down by RMB 1,000/mt. Positions decreased 3,888 and trading volumes grew to about 210,000 lots. Technical indicators pointed to further decline in copper prices.
The most active SHFE copper contract hovered near RMB 44,950/mt early Wednesday and dipped to a low RMB 44,610/mt in the afternoon before ending at RMB 44,760/mt, down RMB 1,050/mt. SHFE 1507 copper contract positions declined 12,882, and trading volumes grew 15,100 lots. Positions of SHFE 1508 copper contract rose 18,712.