SHANGHAI, Sept. 10 (SMM) – LME copper fell back from highs overnight. This allowed SHFE 1511 copper to start slightly higher but trend lower during Wednesday evening session. SHFE copper started at RMB 41,220/mt and then moved lower to RMB 40,840/mt after meeting resistance at moving average. Finally, the red metal closed RMB 60/mt higher at RMB 40,880/mt. Positions declined 1,416 to 231,798 with trading volumes around 280,000 lots.
The contract moved stably around RMB 40,800/mt Thursday morning with a lower session-start in Chinese stock market and then followed LME copper up to RMB 41,000/mt before ending at RMB 41,060/mt, up by RMB 240/mt or 0.59%. Positions declined 2,374 to 230,840 and trading volumes decreased 258,000 lots.