SMM Brief on SHFE Copper Prices (2013-4-23)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-23)

SMM Insight 04:57:23PM Apr 23, 2013 Source:SMM

SHANGHAI, Apr. 23 (SMM) – With LME copper being mired overnight, SHFE 1308 copper contract opened RMB 230/mt lower at RMB 49,500/mt on Tuesday. After its opening, worse-than-expected HSBC’s China PMI sent the Shanghai Composite Index plunging 2.5%, weighing down the most active SHFE copper contract. However, more investors bought SHFE forward-month copper contracts, helping SHFE copper for August delivery move within RMB 49,000-49,500/mt in the morning session, with its high-end price at RMB 50,730/mt. In the afternoon, panic selling and the retreat of LME copper from USD 6,800/mt drove SHFE copper for delivery in four months down to RMB 48,460/mt. Finally, the most active SHFE copper contract closed down RMB 650/mt or 1.31% at RMB 49,080/mt. Trading volumes and positions of SHFE 1308 copper contract increased 158,000 lots and 12,062 lots, respectively. Total trading volumes and positions were also up 306,000 lots and 34,426 lots.
 

SMM Brief on SHFE Copper Prices (2013-4-23)

SMM Insight 04:57:23PM Apr 23, 2013 Source:SMM

SHANGHAI, Apr. 23 (SMM) – With LME copper being mired overnight, SHFE 1308 copper contract opened RMB 230/mt lower at RMB 49,500/mt on Tuesday. After its opening, worse-than-expected HSBC’s China PMI sent the Shanghai Composite Index plunging 2.5%, weighing down the most active SHFE copper contract. However, more investors bought SHFE forward-month copper contracts, helping SHFE copper for August delivery move within RMB 49,000-49,500/mt in the morning session, with its high-end price at RMB 50,730/mt. In the afternoon, panic selling and the retreat of LME copper from USD 6,800/mt drove SHFE copper for delivery in four months down to RMB 48,460/mt. Finally, the most active SHFE copper contract closed down RMB 650/mt or 1.31% at RMB 49,080/mt. Trading volumes and positions of SHFE 1308 copper contract increased 158,000 lots and 12,062 lots, respectively. Total trading volumes and positions were also up 306,000 lots and 34,426 lots.