SHANGHAI, Apr. 21 (SMM) – On Wednesday’s night trading, SHFE 1606 copper crawled up after opening at RMB 37,520/mt, and the contract finally ended at RMB 37,570/mt, up RMB 170/mt, with positions down 5,144. 

On Thursday, SHFE 1606 copper opened at RMB 37,590/mt, and lurched higher to briefly reach RMB 38,220/mt with rising oil and China’s A-share market, and strong iron ore and rebar prices, which hit the daily upward limit. At the tail of trading, the contract dropped slightly as China’s stock market slid and oil prices fell. Finally, the contract finished at RMB 38,100/mt, up RMB 700/mt or 1.87%, with positions down 25,906. Total positions on the SHFE copper market were up 6,368 to 700,000, and trading volumes totaled 1.05 million lots. Positions of SHFE 1607 copper were up 15,626. 

Copper price is expected to hover at highs, with eyes on the mark of RMB 38,000/mt on Thursday’s night trading.