SHANGHAI, Oct. 15 (SMM) – SHFE 1512 copper opened higher at RMB 39,750/mt for night trading Wednesday in response to LME copper. The contract fell to test RMB 39,720/mt but later shot up to RMB 39,980/mt, to close at RMB 39,940/mt, gaining RMB 230/mt or 0.58%. Positions increased 1,570 to 232,310 and trading volumes were around 160,000 lots.

SHFE copper increased quickly above RMB 40,000/mt on Friday and then moved around RMB 40,100/mt. Later, the most actively-traded contract touched an intra-day high of RMB 40,200/mt. Near session’s end, the red metal fell back due to position closures by longs and closed at RMB 40,020/mt, rising RMB 310/mt or 0.78%. Positions saw a growth of 3,424 to 234,164 and trading volumes totaled 455,000 lots.

On the last trading day for SHFE 1510 copper, the contract ended up RMB 320/mt or 0.81% at RMB 40,070/mt. Positions came at 10,020.

SSE Composite Index ended up 2.32% at above 3,300, boosting market sentiment. But a large number of longs exited market near session’s end, a sign of weak confidence in longs. Thus, SHFE 1512 copper should consolidate the 5-day moving average this evening.