SHANGHAI, Dec. 3 (SMM) – SHFE 1602 copper opened lower at RMB 34,770/mt during Wednesday night and moved higher to RMB 35,260/mt thanks to position opening by longs and rising LME copper. However, the contract fell back with shorts gathering strength, helped by firm dollar, and ended at RMB 34,960/mt, down by RMB 160/mt or 0.46%.
The most actively-traded contract started at RMB 34,960/mt during Thursday trading session and fell back to RMB 34,630/mt with shorts gathering strength. But later the contract grew slightly to RMB 34,770/mt and closed at RMB 34,390/mt, down by RMB 730/mt or 2.08%. Positions were up 29,072 to 338,476 with trading volumes around 692,000 lots.
Positions for all copper futures on the SHFE increased 33,760 to 818,320 and trading volumes were around 1.11 million lots.