By Li Xiaowei
Oct. 9 (Bloomberg) -- The Shanghai Futures Exchange will resume trading tomorrow in copper contracts which were suspended today after plunging the daily limit for three straight sessions, the bourse said.
Daily price fluctuation limits will be set back at 4 percent, it said in a statement on its Web site today. Margins for trading most copper contracts will be set at 7 percent. Those for trading the front-month contract will be 20 percent and 10 percent for the November delivery contract.
The exchange ordered profitable short sellers to close positions with buyers who had requested to square on Oct. 8, the exchange said. Speculative short-sellers bet that prices will fall.
The measure comes after the Dalian Commodity Exchange yesterday ordered speculative short sellers to cover profitable positions after soybeans, palm oil, soybean oil and soybean meal dropped the trading limit for three days.
To contact the reporter for this story: Li Xiaowei in Shanghai at Xli12@bloomberg.net
Thursday, October 9, 2008
Shanghai Exchange to Resume Trading Copper Contracts
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