SHANGHAI, Jun. 26 (SMM) – SHFE 1509 copper contract became the most active contract Thursday night and started at RMB 41,800/mt. The prices then moved widely and touched a low of RMB 41,560/mt, but rose back later to finish the session at RMB 41,840/mt, down RMB 20/mt.
SHFE 1509 copper contract prices stabilized early Friday but met strong resistance from RMB 42,000/mt. The September-delivery copper rallied in the afternoon despite a 8.5% slump in Chinese shares and touched a high of RMB 42,500/mt before ending at RMB 42,240/mt, up RMB 380/mt. Positions of the most active copper contract grew 4,618 and trading volumes were up 51,462 lots. Total SHFE copper positions declined 25,674.