SHANGHAI, Dec. 2 (SMM) – SHFE 1602 copper shifted to the most actively-traded contract on Tuesday night, to open at RMB 35,120/mt and fall back to RMB 34,980/mt with shorts gathering strength. However, the red metal rebounded to RMB 35,360/mt in response to dollar and copper production cut news, to end at RMB 35,300/mt, up by RMB 370/mt or 1.06%.
The effect from output cut news faded and US dollar started to lead movement of copper prices this week. SHFE 1602 copper moved higher to RMB 35,400/mt after opening Wednesday trading session at RMB 35,290/mt. But later the contract dipped to RMB 34,900/mt due to firm dollar and position closure by longs and opening by shorts and then moved around RMB 35,080/mt, to close flat with yesterday. Positions were up 9,494 to 309,404, contributed by position opening by shorts. Trading volumes totaled 534,000 lots.