SHANGHAI, Aug. 26 (SMM) – SHFE 1510 copper contract gapped higher at RMB 39,320/mt Tuesday night, and climbed to RMB 39,600/mt before ending the session RMB 39,540/mt, up RMB 990/mt. Positions decreased 9,710, and trading volumes were around 200,000 lots. SHFE 1511 copper contract shifted to the most traded one.
SHFE 1511 copper started with a negative gap at RMB 39,220/mt on Wednesday and then grew thanks to a growth in Chinese stock market. But later the red metal fell back as Chinese stocks posted drops and as shorts sold off SHFE copper. The contract finally closed the day at RMB 38,710/mt, up RMB 290/mt or 0.75%. Trading volumes saw a decline of over 100,000 lots while positions rose 2,980 to 191,986.