SMM Brief on SHFE Copper Prices (2013-3-27)

SHANGHAI, Mar. 27 (SMM) – SHFE 1307 copper contract opened RMB 180/mt higher at RMB 55,900/mt on Wednesday, despite pullback in LME copper overnight. After the opening, the most active SHFE copper contract climbed to RMB 55,920/mt before tumbling all the way down below the daily moving average. In the afternoon, LME copper slid and shorts flooded in, driving the most-traded SHFE copper contract to an intraday low of RMB 55,430/mt. Finally, SHFE copper for July delivery ended the day down RMB 160/mt or 0.29% at RMB 55,560/mt. Trading volumes increased 25,170 lots, while positions were also up 9,050 lots. SHFE copper is under selling pressure at RMB 56,000/mt in the near term.