SMM Brief on SHFE Copper Prices on Apr. 11

SHANGHAI, Apr. 11 (SMM) –The most-traded July copper contract on the SHFE opened RMB 1,420/mt lower at RMB 58,200/mt Wednesday, since LME copper prices plunged by more than 3% in the previous session. SHFE copper prices only moved narrowly around the daily moving average during the day with a fluctuating band of about RMB 400/mt. The highest and lowest SHFE copper prices during the day stood at RMB 58,360/mt and RMB 57,740/mt, respectively. The most-traded July copper contract on the SHFE finally ended at RMB 57,870/mt, down RMB 1,750/mt, or a loss of 2.94%. Positions for the most-traded July copper contract were up 39,848 lots, and trading volumes were up 7,148 lots. Long and short investors held more divergent views, but there was still large buying at low price levels, which will allow SHFE copper prices to struggle further at RMB 58,000/mt.