SHANGHAI, May 16 (SMM) – SHFE 1607 copper started at RMB 35,390/mt for night session last Friday and once fell to RMB 35,120/mt before closing the session at RMB 35,420/mt, down RMB 140/mt. Positions were up 3,816.
SHFE 1607 copper opened at RMB 35,630/mt on Monday and dived to RMB 35,220/mt. The red metal later advanced to RMB 35,770/mt and ended at RMB 35,610/mt, gaining RMB 50/mt or 0.14%. Positions were down 2,074.
Today was the last trading day for SHFE 1605 copper with settlement prices at RMB 35,270/mt. Position was 20,810 and a total of 104,050 mt of copper was delivered. Positions for all SHFE copper contracts were down 2,066 to 780,000 with trading volumes at 600,000 lots.
SHFE 1607 copper may meet resistance at RMB 35,800/mt tonight.