SHANGHAI, Jul. 2 (SMM) – SHFE 1509 copper contract opened at RMB 41,980/mt and remained low at RMB 41,890/mt. The prices once rose above the 20-day moving average to RMB 42,490/mt but then edged lower to end at RMB 42,230/mt, up RMB 280/mt.
SHFE 1509 copper contract prices failed to rise above RMB 42,300/mt Thursday as continued falls in China’s stock market depressed the market. The September-delivery copper found support at RMB 42,180/mt following a brief dip in the afternoon and ended at RMB 42,200/mt, up RMB 250/mt. Trading volumes of the most active SHFE copper contract decreased 104,000 lots and positions declined 3,492.