The Shanghai Futures Exchange (SHFE) forced a number of long position holders to liquidate at October 8's settlement prices last week. The decision stemmed from the fall in the three-month copper price on the SHFE to 45,760 yuan (6,690 dollars)yuan per tonne on October 8 - the third straight day that the price hit its allowed daily limit. Under SHFE regulations, copper trading on the exchange was cancelled on October 8 and longs liquidated on October 9 after copper futures fell by daily limits of 4 percent, 5 percent and 6 percent on October 6,7 and 8 respectively.
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