SMM Brief on SHFE Copper Prices (2013-4-3)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-3)

SMM Insight 04:33:32PM Apr 03, 2013 Source:SMM

SHANGHAI, Apr. 3 (SMM) – With LME copper hovering at high levels last night, SHFE 1307 copper contract opened RMB 200/mt higher at RMB 54,470/mt on Wednesday. After its opening, SHFE copper contracts followed LME copper up to RMB 54,800/mt as many shorts closed positions. At the tail of trading, the Shanghai Composite Index and LME copper both fell, causing SHFE copper to surrender all of the gains recorded during the day and to slide to RMB 53,930/mt. Finally, SHFE 1307 copper contract finished at RMB 54,060/mt, down RMB 210/mt or 0.39%. SHFE 1308 copper contract settled down RMB 280/mt or 0.52% at RMB 53,990/mt, with its highest and lowest at RMB 54,680/mt and 53,810/mt, respectively. Trading volumes of SHFE 1308 copper contracts increased 1,670 lots, with positions also up 21,284 lots. SHFE 1308 copper contracts became the most active one today. SHFE copper should repeatedly test support at RMB 54,000/mt following the three-day public holiday in China.
 

SMM Brief on SHFE Copper Prices (2013-4-3)

SMM Insight 04:33:32PM Apr 03, 2013 Source:SMM

SHANGHAI, Apr. 3 (SMM) – With LME copper hovering at high levels last night, SHFE 1307 copper contract opened RMB 200/mt higher at RMB 54,470/mt on Wednesday. After its opening, SHFE copper contracts followed LME copper up to RMB 54,800/mt as many shorts closed positions. At the tail of trading, the Shanghai Composite Index and LME copper both fell, causing SHFE copper to surrender all of the gains recorded during the day and to slide to RMB 53,930/mt. Finally, SHFE 1307 copper contract finished at RMB 54,060/mt, down RMB 210/mt or 0.39%. SHFE 1308 copper contract settled down RMB 280/mt or 0.52% at RMB 53,990/mt, with its highest and lowest at RMB 54,680/mt and 53,810/mt, respectively. Trading volumes of SHFE 1308 copper contracts increased 1,670 lots, with positions also up 21,284 lots. SHFE 1308 copper contracts became the most active one today. SHFE copper should repeatedly test support at RMB 54,000/mt following the three-day public holiday in China.