SHANGHAI, May 22 (SMM) – On Monday, ferrous metals surged and zinc outperformed base metals. SHFE 1707 copper fluctuated at around RMB 45,900/mt after opening and declined to RMB 45,750/mt at the tail of mid-day trading with longs taking profits. Later, the contract rebounded thanks to leaving of shorts and closed at RMB 45,800/mt, up RMB 670/mt. Trading volumes rose 37,000 to 317,000 lots and positions dropped 11,000 to 204,000. Rallying crude oil price supported commodity prices to increase. SHFE 1707 copper met strong resistance at RMB 46,000/mt.
The contract will trade at RMB 45,500-46,000/mt on Monday’s night trading.