SHANGHAI, Feb. 27 (SMM) –Rising LME copper allowed SHFE 1505 copper contract to open Thursday night session higher at RMB 42,810/mt. The most active contract vacillated within a RMB 200/mt range as caution dominated, and ended RMB 560/mt higher at RMB 42,750/mt. Trading volumes were about 190,000 lots, with positions up 1,780.
On Friday, May copper on the SHFE fell to RMB 42,450/mt, but then rebounded to close up RMB 540/mt or 1.28% at RMB 42,730/mt. Trading volumes of SHFE 1505 copper contract surged 116,000 lots, with positions up 21,072. Buying cooled after the red metal approached the 60-day moving average, but hopes for stimulus measures in the upcoming NPC & CPPCC meetings should offer rising impetus.