SHANGHAI, Nov. 30 (SMM) – SHFE 1601 copper started last Friday session lower at RMB 35,180/mt but then moved higher to RMB 35,380/mt. However, the red metal dived to RMB 34,830/mt due to stronger dollar and closed at RMB 34,950/mt, down by RMB 280/mt or 0.79%.
The January-deliver copper on the SHFE opened at RMB 35,050/mt for day trading Monday and shot up to RMB 35,320/mt. Later, the contract dipped to RMB 34,380/mt but erased earlier losses due to exit of shorts, helped by surge in off-shore RMB and ended at RMB 34,850/mt, RMB 380/mt or 1.08%. Positions fell 23,570 to 174,020 with trading volumes around 772,000 lots.
SHFE 1602 copper saw positions up 47,562 to 297,004 and trading volumes were around 518,000 lots. Positions grew 37,718 to 779,230 and trading volumes were at 1.5 million lots for all SHFE copper contracts.