SMM Brief on SHFE Copper Prices (2013-4-1)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-1)

SMM Insight 06:13:47PM Apr 01, 2013 Source:SMM

SHANGHAI, Apr. 1 (SMM) – COMEX copper dived this morning, causing SHFE 1307 copper contract to open RMB 550/mt lower at RMB 54,480/mt on Monday. After its opening, the most active SHFE copper contract retreated from RMB 54,000/mt to a low of RMB 53,800/mt due to short selling. Later, the struggle between longs and shorts left SHFE copper hovering around RMB 54,000/mt. In the afternoon, SHFE copper for July delivery slipped further to an intraday low of RMB 53,600/mt, and finally ended the day down RMB 1,290/mt or 2.34% at RMB 53,740/mt. Trading volumes increased 47,082 lots, while positions were also up 17,358 lots. SHFE copper will continue to come under downward pressure since shorts are dominating the market.

 

SMM Brief on SHFE Copper Prices (2013-4-1)

SMM Insight 06:13:47PM Apr 01, 2013 Source:SMM

SHANGHAI, Apr. 1 (SMM) – COMEX copper dived this morning, causing SHFE 1307 copper contract to open RMB 550/mt lower at RMB 54,480/mt on Monday. After its opening, the most active SHFE copper contract retreated from RMB 54,000/mt to a low of RMB 53,800/mt due to short selling. Later, the struggle between longs and shorts left SHFE copper hovering around RMB 54,000/mt. In the afternoon, SHFE copper for July delivery slipped further to an intraday low of RMB 53,600/mt, and finally ended the day down RMB 1,290/mt or 2.34% at RMB 53,740/mt. Trading volumes increased 47,082 lots, while positions were also up 17,358 lots. SHFE copper will continue to come under downward pressure since shorts are dominating the market.