SHANGHAI, Dec. 21 (SMM) – SHFE 1602 copper opened higher at RMB 35,980/mt last Friday night and moved lower to RMB 35,770/mt due to position opening by shorts. Later, the contract shot up to RMB 35,190/mt owing to position opening by longs, helped by stockpiling news in China and ended at RMB 36,170/mt, up by RMB 770/mt.
SHFE copper started at RMB 36,160/mt on Monday and fell back to RMB 35,880/mt due to exit of longs. In the afternoon, the red metal rallied to RMB 36,300/mt with longs entering market and closed at RMB 36,240/mt, up RMB 840/mt. Trading volumes were at 580,000 lots and positions fell 4,556 to 299,518.
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