SMM Brief on SHFE Copper Prices (2013-3-25)

SHANGHAI, Mar. 25 (SMM) – SHFE 1307 copper contract opened RMB 350/mt higher at RMB 56,050/mt on Monday as LME copper rose overnight. After the opening, the most active SHFE copper contract jumped to RMB 56,260/mt, but later moved lower as shorts entered the market. Later, SHFE copper for July delivery did stabilize near RMB 56,000/mt as longs also entered the market. However, SHFE 1307 copper contract found its low at RMB 55,870/mt at the tail of trading as many investors closed positions. Finally, the most active SHFE copper contract ended the day up RMB 190/mt or 0.34% at RMB 55,890/mt. Trading volumes increased 7,578 lots, while positions also increased 3,028 lots. SHFE copper is still under selling pressure at highs.