SMM Brief on SHFE Copper Prices (2013-4-2)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-2)

SMM Insight 04:10:16PM Apr 02, 2013 Source:SMM

SHANGHAI, Apr. 2 (SMM) – LME copper rallied this morning, helping SHFE 1307 copper contract open RMB 140/mt higher at RMB 54,180/mt on Tuesday. After its opening, SHFE 1308 copper contracts became the most active one, which hovered around RMB 54,200/mt in the morning, with support at RMB 54,000/mt. In the afternoon, SHFE copper for August delivery toughed an intraday high of RMB 54,550/mt as shorts continued to close positions, and finally finished RMB 440/mt or 0.81% higher at RMB 54,480/mt. Trading volumes of SHFE 1308 copper contracts increased 15,322 lots, with positions also up 14,982 lots. SHFE copper followed LME copper up following sharp price declines earlier, but its upside space should be limited.

 

SMM Brief on SHFE Copper Prices (2013-4-2)

SMM Insight 04:10:16PM Apr 02, 2013 Source:SMM

SHANGHAI, Apr. 2 (SMM) – LME copper rallied this morning, helping SHFE 1307 copper contract open RMB 140/mt higher at RMB 54,180/mt on Tuesday. After its opening, SHFE 1308 copper contracts became the most active one, which hovered around RMB 54,200/mt in the morning, with support at RMB 54,000/mt. In the afternoon, SHFE copper for August delivery toughed an intraday high of RMB 54,550/mt as shorts continued to close positions, and finally finished RMB 440/mt or 0.81% higher at RMB 54,480/mt. Trading volumes of SHFE 1308 copper contracts increased 15,322 lots, with positions also up 14,982 lots. SHFE copper followed LME copper up following sharp price declines earlier, but its upside space should be limited.