SMM Brief on SHFE Copper Prices (2013-4-19)

SHANGHAI, Apr. 19 (SMM) – LME copper revered losses overnight, helping SHFE 1308 copper contract open RMB 260/mt higher at RMB 50,790/mt on Friday. The most active SHFE copper contract retreated to RMB 49,750/mt near mid-day as LME copper dropped below USD 6,900/mt. In the afternoon, the Shanghai Composite Index soared 2.3% and LME copper stopped falling, helping push SHFE copper for August delivery up to RMB 51,200/mt. Finally, SHFE 1308 copper contract ended the day up RMB 160/mt or 0.34% at RMB 50,690/mt. Trading volumes and positions increased 813,000 lots and 13,566 lots, respectively. The most active SHFE copper contract should be vulnerable at RMB 50,000/mt in the near term.