SHANGHAI, Sept. 11(SMM) – LME copper grew above the 60-day moving average overnight but SHFE copper was slow to rise. SHFE 1511 copper started slightly lower at RMB 40,990/mt during Thursday evening session but then drifted higher to RMB 41,280/mt in response to LME copper and crude oil prices. The contract finally ended the session at RMB 41,030/mt, up RMB 80/mt. Positions declined 3,288 to 227,552 with trading volumes around 270,000 lots.
SHFE copper mainly moved around RMB 41,130/mt on Friday and finally closed the day RMB 240/mt higher at RMB 41,160/mt, gaining 0.51%. Trading volumes decreased 90,000 lots with positions down 9,450 to 221,390.