August-delivery SHFE Copper Plunges RMB 1,070/mt (Jun. 12, 2015)

SHANGHAI, Jun. 12 (SMM) – SHFE 1508 copper contract prices started RMB 500/mt lower at RMB 42,990/mt Thursday night and dipped to a low of RMB 42,990/mt before ending the session at RMB 42,670/mt, shedding RMB 890/mt or RMB 2.04%.

August-delivery SHFE copper contract still under resistance from RMB 42,850/mt and fell rapidly at the tail of trading to touch a low of RMB 42,480/mt before ending at RMB 42,490/mt, posting a RMB 1,070/mt decline. Trading volumes grew 113,000 lots and positions were up 16,300.Total SHFE copper positions surged 28,024. SHFE copper prices suffered growing selling pressure.