SMM Brief on SHFE Copper Prices (2013-4-26)

SHANGHAI, Apr. 26 (SMM) – SHFE 1308 copper contract started Friday RMB 1,080/mt higher at RMB 52,060/mt. After its opening, the most active SHFE copper contract advanced to RMB 52,480/mt, but later moved lower as investors closed positions. Falling Shanghai Composite Index also weighted SHFE copper for delivery in four months to RMB 51,280/mt. Finally, SHFE copper for August delivery gained RMB 790/mt or 1.55% to close at RMB 51,770/mt. Trading volumes and positions decreased 126,000 lots and 34,220 lots, respectively. How will SHFE copper move next week depends on LME copper prices during the holiday.