SMM Brief on SHFE Copper Prices on Mar. 28

SHANGHAI, Mar. 28 (SMM) –The most actively-traded SHFE 1206 copper contract opened RMB 390/mt lower at RMB 60,370/mt Wednesday. SHFE copper prices basically moved around the opening price during the whole trading day, with a fluctuating band of RMB 200/mt and reaching a high at only RMB 60,500/mt. At the tail of trading, as LME copper prices slid to a level near USD 8,450/mt, and as the Shanghai Composite Index slumped by 2.7% to lose 2,300, SHFE copper prices declined to a low of RMB 60,080/mt. Finally, SHFE 1206 copper contract prices ended at RMB 60,110/mt, down RMB 650/mt or 1.07%. Positions and trading volumes for SHFE 1206 copper contracts decreased by 2,726 lots and 52,746 lots, respectively, while positions and trading volumes for SHFE 1207 copper contracts increased by 9,632 lots, and 27,540 lots, a sign of continuous shift of the most actively-traded copper contracts. SHFE copper prices retreated again to levels near the daily moving average, extending the fluctuating trend.