SHANGHAI, Aug. 11 (SMM) – During Monday evening session, SHFE 1510 copper started at RMB 38,010/mt and then soared to RMB 39,200/mt before ending at RMB 39,020/mt, up by RMB 1,170/mt or 3.09%. SHFE copper outperformed LME copper, pushing SHFE/LME copper price ratio up to 7.36. Trading volumes were 340,000 lots and positions fell 8,612.
SHFE copper once advanced to RMB 39,820/mt as shorts exited market for day trading Tuesday and then narrowly moved around RMB 39,200/mt with SHFE/LME copper price ratio above 7.5. The red metal finally closed at RMB 39,060/mt, up RMB 1,210/mt, gaining 3.2%. Trading volumes of SHFE 1510 copper saw a rise of 348,000 lots while positions fell 39,922. Trading volumes of copper futures grew 591,000 lots with positions down 51,522.