SHANGHAI, Sept. 21 (SMM) – SHFE 1511 copper gapped lower at RMB 40,370/mt last Friday evening responding to a slump in LME copper and then found support at RMB 40,000/mt. Later, the contract moved around RMB 40,100/mt before ending at RMB 40,170/mt, down by RMB 750/mt. Positions declined 2,466 with trading volumes around 320,000 lots.
Market sentiment remained slack on Monday and Chinese A-shares opened lower. Thus, SHFE copper trended lower following LME copper during Monday trading session. It was reportedly that Glencore faced financial problems, fueling worries about sell-offs of nonferrous metals by Glencore. In response, SHFE copper fell below RMB 40,000/mt and touched a low of RMB 39,850/mt. Later, market sentiment eased. SHFE copper drifted higher to challenge RMB 40,370/mt in response to crude oil prices and Chinese A-shares before ending at RMB 40,340/mt, falling RMB 580/mt or 1.42%. Positions dropped 10,304 to 184,728 and trading volumes were around 650,000 lots.