SHANGHAI, Sept. 8 (SMM) – LME copper slid from highs overnight and this allowed SHFE copper to open higher but move at lows. SHFE 1511 copper started at RMB 39,520/mt for night trading Monday but then suffered selling pressures to drop slightly before ending at RMB 39,340/mt, up by RMB 80/mt or 0.2%. Positions increased 3,762 to 217,640 and trading volumes were less than 100,000 lots.
Chinese stock market headed for stability on Tuesday and thus SHFE copper opened slightly higher. But with the negative reading of China’s import and export data for August and a drop in Chinese stock market, SHFE copper refreshed a new low at RMB 39,210/mt. However, the red metal followed Chinese stock market to rally later before ending at an intra-day high of RMB 39,530/mt, gaining RMB 270/mt or 0.69%. Positions saw a rise of 7,608 to 221,486 and trading volumes increased 134,000 lots.