SHANGHAI, Sept. 23 (SMM) – In response to LME copper, SHFE 1511 copper gapped lower at RMB 39,310/mt during Tuesday evening session and then slid to RMB 38,250/mt, to end at RMB 38,450/mt, down by RMB 1,730/mt or 4.31%. Positions increased 12,104 and trading volumes were around 470,000 lots.
SHFE copper increased above RMB 38,650/mt after the open of Wednesday trading session due to purchase at lows and profit-booking by shorts. Finally, the red metal ended at an intra-day high of RMB 38,930/mt with shorts exiting market, slipping RMB 1,250/mt or 3.11%. Positions grew 228 to 190,554 and trading volumes increased 406,000 to 840,000 lots.
Meanwhile, positions for SHFE 1512 copper were up 27,556 to 180,038 with trading volumes around 240,000 lots. This means that shift of the most active contract accelerates from SHFE 1511 to 1512 copper.