SHANGHAI, May 3 (SMM) – SHFE 1607 copper started at RMB 37,780/mt on Tuesday and moved higher to RMB 37,970/mt answering to crude oil prices. But later the red metal dived to RMB 37,420/mt, hurt by ferrous metals prices before closing the session at RMB 37,9120/mt, up RMB 390/mt or 1.04%. Positions were up 7,802. Positions for all SHFE copper contracts grew 9,526 to 690,000 with trading volumes at 400,000 lots.
SHFE 1607 copper may move around RMB 38,000/mt tonight.