SHANGHAI, Dec. 1 (SMM) – SHFE 1601 copper started Monday night session at RMB 34,990/mt and lurched up to RMB 35,160/mt due to exit of shorts, helped by Chinese yuan added to the SDR basket. However, the contract fell back to RMB 34,760/mt after meeting resistance before ending at RMB 34,950/mt, edging up RMB 100/mt or 0.29%.

The most active contract opened at RMB 34,860/mt on Tuesday and dived to RMB 34,620/mt with shorts gathering strength due to poor reading of China’s official PMI. Nonetheless, the red metal rallied to RMB 35,380/mt in response to US dollar and crude oil and closed at RMB 35,150/mt, growing RMB 270/mt or 0.77%. Positions fell 16,136 to 157,888 with trading volumes around 552,000 lots.

Total positions for all SHFE copper contracts reduced 5,398 to 773,832 and trading volumes were around 1.25 million lots. Positions for SHFE 1602 copper grew 2,906 to 299,910 with trading volumes at 510,000 lots.