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SMM Brief on SHFE Copper Prices (2013-4-22)
Apr 22,2013 16:08CST
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Source:SMM
With LME copper being weak overnight, SHFE 1308 copper contract opened RMB 30/mt lower at RMB 50,440/mt on Monday.

SHANGHAI, Apr. 22 (SMM) – With LME copper being weak overnight, SHFE 1308 copper contract opened RMB 30/mt lower at RMB 50,440/mt on Monday. After its opening, the most active SHFE copper contract hit a high of RMB 50,750/mt before immediately falling back. Later, shorts entered the market again, and the Shanghai Composite Index dropped, sending SHFE copper for August delivery below RMB 50,000/mt again before mid-day. SHFE copper for delivery in four months sank to RMB 48,970/mt in the afternoon, and finally ended the day down RMB 1,430/mt or 2.83% at RMB 49,040/mt. Trading volumes of SHFE 1308 copper contract decreased 110,000 lots, while its positions increased 62,384 lots. Total trading volumes contracted 176,000 lots, while total positions were up 107,644 lots. No clear signs of stopping falling have been seen.
 

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