SHANGHAI, May 26 (SMM) – SHFE 1607 copper started higher at RMB 35,750/mt overnight and once dipped to RMB 35,640/mt. The red metal rallied to RMB 35,920/mt answering to crude oil prices and LME copper before closing the session at RMB 35,760/mt, up RMB 260/mt. Positions were up 750.
SHFE 1607 copper opened at RMB 35,760/mt on Thursday and moved lower to RMB 35,700/mt. The red metal later rebounded to RMB 36,000/mt and ended at RMB 36,060/mt, gaining RMB 560/mt or 1.58%. Positions were down 11,070. Positions of all SHFE copper contracts were up 2,232 to 760,000 with trading volumes at 590,000 lots.