SHANGHAI, May 22 (SMM) –SHFE 1507 copper contract prices opened at RMB 45,100/mt for night session Thursday and touched the 20-day moving average at one point. However, the prices then fell back to end at RMB 45,140/mt.
The July-delivery SHFE copper stayed in a narrow range Friday morning, and moved up slightly to RMB 45,220/mt in the afternoon aided by a 2.6% rally in Chinese shares. The prices finally ended the daytime trading at RMB 45,110/mt, up RMB 130/mt. SHFE 1507 copper contract positions declined 15,934, and trading volumes decreased 49,.744 lots. Positions of SHFE 1508 copper contract increased 13,436 and trading volumes dropped 19,748 lots.