SHFE Copper Suffers RMB 130/mt Loss (Sept. 1, 2015)-Shanghai Metals Market

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SHFE Copper Suffers RMB 130/mt Loss (Sept. 1, 2015)

Price Review & Forecast 04:25:31PM Sep 01, 2015 Source:SMM

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. 


SHFE Copper Suffers RMB 130/mt Loss (Sept. 1, 2015)

Price Review & Forecast 04:25:31PM Sep 01, 2015 Source:SMM

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.