SHANGHAI, Dec. 23 (SMM) – SHFE 1602 copper climbed to RMB 36,440/mt after starting Tuesday evening session at RMB 36,310/mt. Near session’s end, the contract registered losses due to exit of longs, hurt by firmer dollar. Both positions and trading volumes reduced while positions for SHFE 1603 copper increased 7,960, contributed mainly by shorts.
SHFE copper opened Wednesday trading session at RMB 36,180/mt and then sank to RMB 35,920/mt owing to reduce in longs. However, the red metal bounced back to RMB 36,410/mt with longs entering market, to end at RMB 36,380/mt, up RMB 30/mt. Positions fell 14,478 to 277,498 with trading volumes around 480,000 lots. Positions for all SHFE copper contracts grew 31,838 to 804,174 and trading volumes totaled 800,000 lots. Positions were up 22,854, 12,906 and 14,672 respectively for SHFE 1603, 1604 and 1605 contracts.