SHANGHAI, Jul. 8 (SMM) – LME copper hit a 6-year low Tuesday night. SHFE 1509 copper opened lower at RMB 39,510/mt during Tuesday evening session. Then the contract shut daily limit at a low of RMB 37,960/mt, to close at RMB 39,030/mt, down RMB 1,360/mt or 3.37%. Trading volumes grew to 630,000 lots and positions were up 6,304.
The most active contract moved around RMB 38,800/mt during Wednesday trading session and fell to daily limit at RMB 37,960/mt, to finally end at RMB 38,070/mt, falling RMB 2,320/mt or 55.74%. Trading volumes of SHFE 1509 copper surged 743,000 lots and positions rose 14,530. Total trading volumes for copper futures grew 1,104,000 lots with positions up 24,676. Metal prices in China’s three large futures exchanges all dropped to daily limit and systematic risk started to spread to commodity market.