SHANGHAI, Sept. 1 (SMM) – SHFE 1511 opened lower at RMB 39,020/mt during Monday evening session and then tested a low of RMB 38,880/mt because of worries about China’s demand and rising hope for US Fed’s interest rate hike. However, the red metal later drifted higher to RMB 39,480/mt in response to a sharp rally in crude oil prices and finally ended at RMB 39,440/mt, up by RMB 160/mt or 0.41%. Positions decreased 1,710 and trading volumes were around 126,000 lots.
November delivery copper on the SHFE tested RMB 39,500/mt on Tuesday and then ranged around RMB 39,250/mt before closing at RMB 39,150/mt, sliding RMB 130/mt or 0.33%. Trading volumes of SHFE 1511 copper increased 27,884 lots and positions were up 2,254. However, trading volumes of copper futures totaled 67,248 lots with positions down 10,174.