SMM Brief on SHFE Copper Prices on Jun. 26

SHANGHAI, Jun. 26 (SMM) – As LME copper rallied overnight, driving SHFE 1210 copper contract to open at RMB 160/mt higher at RMB 54,330/mt Tuesday. As Shanghai Composite Index continued slipping, SHFE copper prices came under downward pressures after touching a high of RMB 54,480/mt briefly. In the afternoon, SHFE copper prices fell below RMB 54,000/mt under the influence of slumping LME copper prices and dipped to as low as RMB 53,480/mt, with the most active SHFE copper contract finally closing at RMB 53,620/mt, down RMB 550/mt or 1.02%. Trading volumes and positions increased 114,000 lots and 93,352 lots, respectively. Given the downtrend of technical indicators and selling pressures, the support at RMB 53,500/mt mark should be weak.