SHANGHAI, Aug. 4 (SMM) – SHFE 1510 copper contract started at RMB 37,840/mt for Monday’s night session and hit a low of RMB 37,710/mt. The most active contract rallied later after shorts left the market and rose to RMB 38,190/mt before ending the session at RMB 38,050/mt, down by RMB 150/mt. Positions decreased 8,054, and trading volumes were about 174,000 lots.
During Tuesday trading session, SHFE copper tested a low of RMB 37,650/mt and then increased above moving averages with shorts exiting market and China’s rallying stocks. The contract finally ended at RMB 38,190/mt, down by RMB 10/mt, off 0.03%. Trading volumes dropped 31,776 lots with positions down 26,702.