SMM Brief on SHFE Copper Prices (2013-4-15)

SHANGHAI, Apr. 15 (SMM) – Plunging LME copper overnight caused SHFE 1308 copper contract to open RMB 1,090/mt lower at RMB 54,000/mt on Monday. The Shanghai Composite Index declined as China’s GDP missed forecasts, and LME copper dived to USD 7,300/mt, sending SHFE copper down as well. Longs exited the market as a result, dragging the most active SHFE copper contract down to RMB 52,960/mt. Finally, SHFE copper for August delivery closed at RMB 53,380/mt, a loss of RMB 1,710/mt or 3.1%. Trading volumes and positions increased 354,000 lots and 44,878 lots, respectively. SHFE copper market was dominated by short selling.