SHANGHAI, Aug. 20 (SMM) – SHFE 1510 copper started with a large negative gap at RMB 38,480/mt during Wednesday night session and soared to RMB 38,690/mt at one point. Then the contract dipped to RMB 38,330/mt due to slipping LME copper but later the red metal reversed losses and finished RMB 150/mt higher at RMB 38,610/mt, gaining 0.39%. Positions were up 936 with positions totaling 197,000 lots.
The most traded contract moved around RMB 38,530/mt during Thursday trading hours and then drifted lower to RMB 38,450/mt. In the afternoon business, the red metal once touched RMB 38,830/mt but later fell back responding to China’s falling stocks and exit of longs, to close at RMB 38,620/mt, gaining RMB 160/mt or 0.42%. Positions decreased 4,000 to 212,376 and positions declined 80,000 lots. SHFE copper outperformed LME copper, pushing SHFE/LME copper price ratio up further.
