SHANGHAI, Mar. 15 (SMM) – Labor Union of Escondida copper mine refused renegotiation. SHFE 1705 copper opened at RMB 47,610/mt today, and then rose to RMB 47,740/mt. with exodus of longs after profit-taking, SHFE 1705 copper fell to RMB 47,590/mt and closed at RMB 47,670/mt, up RMB 310/mt.
Trading volumes on SHFE 1705 copper increased 96,620 to 308,000, and positions decreased 8,384 to 215,000. Trading volumes on SHFE copper increased 105,000 to 447,000, and positions added 4,534 to 546,000. SHFE 1705 copper should consolidate at highs this evening. SHFE 1703 copper was delivered, with prices closing at RMB 47,220/mt, and settlement price of RMB 47,029/mt. Deliveries were 54,425 mt.