SHFE 1507 Copper Contract Up RMB 1,640/mt (May 4, 2015)

SHANGHAI, Apr. 30 (SMM) – SHFE 1507 copper gapped higher on Monday at RMB 45,330/mt and moved up on increasing anticipation for further monetary easing in China. The red metal touched a high of RMB 45,800/mt and finally closed at RMB 45,710/mt, up RMB 1,640/mt. Positions in the most active copper contract dropped 8,994 and trading volumes fell by 49,174 lots. Despite the sharp rise, copper prices still lacked buying support to extend rebound.