SMM Brief on SHFE Copper Prices (2013-4-18)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-18)

SMM Insight 04:45:00PM Apr 18, 2013 Source:SMM

SHANGHAI, Apr. 18 (SMM) – LME copper retreated from USD 7,000/mt, causing all SHFE copper contracts to start Thursday down by their daily limits. SHFE 1308 copper contract opened at RMB 50,530/mt. After its opening, the most active SHFE copper contract touched a high of RMB 50,590/mt, but later dropped to its daily limit again. Finally, SHFE copper for August delivery ended the day down RMB 2,110/mt or 4% at RMB 50,530/mt. Trading volumes decreased 412,000 lots, and positions were also down 37,694 lots. With panic sentiment spreading and with LME copper showing no signs of stopping falling, the most active SHFE copper contract should test support at RMB 50,000/mt in the near term.
 

SMM Brief on SHFE Copper Prices (2013-4-18)

SMM Insight 04:45:00PM Apr 18, 2013 Source:SMM

SHANGHAI, Apr. 18 (SMM) – LME copper retreated from USD 7,000/mt, causing all SHFE copper contracts to start Thursday down by their daily limits. SHFE 1308 copper contract opened at RMB 50,530/mt. After its opening, the most active SHFE copper contract touched a high of RMB 50,590/mt, but later dropped to its daily limit again. Finally, SHFE copper for August delivery ended the day down RMB 2,110/mt or 4% at RMB 50,530/mt. Trading volumes decreased 412,000 lots, and positions were also down 37,694 lots. With panic sentiment spreading and with LME copper showing no signs of stopping falling, the most active SHFE copper contract should test support at RMB 50,000/mt in the near term.