SMM Brief on SHFE Copper Prices (2013-6-13)

SHANGHAI, Jun. 13 (SMM) – SHFE 1310 copper contract started Thursday RMB 110/mt lower at RMB 51,520/mt as LME copper tumbled during the three-day holiday in China. The most active SHFE copper contract sank to RMB 51,350/mt as the Shanghai Composite Index dived 3.5%, with resistance at RMB 51,960/mt. SHFE copper for October delivery moved within RMB 51,600-51,900/mt in the morning session before retreating to the daily moving average. Finally, SHFE 1310 copper contract ended the day at RMB 51,510/mt, down RMB 1,420/mt or 2.68%. Trading volumes and positions increased 122,000 lots and 54,658 lots, respectively. The most active SHFE copper contract is expected to slide further.