SMM Brief on SHFE Copper Prices (2013-2-7)

SHANGHAI, Feb. 7 (SMM) – With LME copper sliding overnight, SHFE 1305 copper contract, the most active one, opened RMB 190/mt down at RMB 59,700/mt Thursday. The contract staged relatively stable performance during the day since prices hovered narrowly around RMB 59,600/mt after testing support at a low of RMB 58,460/mt. SHFE copper prices followed Chinese A-shares higher at the tail of trading and pared some of earlier losses, stabilizing above the daily moving average. SHFE 1305 copper contract settled RMB 190/mt or 0.32% lower at RMB 59,700/mt, with trading volumes and positions down 40,090 lots and 356 lots, respectively. With the Chinese New Year holiday approaching, both buying support and selling pressures for SHFE copper are limited. Therefore, SHFE copper prices generally followed movements in LME copper and Chinese stock markets.