SHANGHAI, Jun. 2 (SMM) – SHFE 1508 copper contract prices gapped lower at RMB 43,550/mt Monday night, and rose to RMB 43,820/mt after shorts closed positions. The prices then moved lower to RMB 43,500/mt and closed at RMB 43,570/mt, down RMB 240/mt.
The August-delivery SHFE copper dipped to a low of RMB 43,400/mt during daytime trading Tuesday and then gained some losses to end at RMB 43,690/mt, posting a RMB 120/mt loss. SHFE 1508 copper contract positions increased 980 and trading volumes dropped 34,178 lots. The August delivery copper contract came under great pressure from the 60-day moving average.