SMM Brief on SHFE Copper Prices (2013-6-21)

SHANGHAI, Jun. 21 (SMM) – Falling LME copper caused SHFE 1310 copper contract to open RMB 960/mt lower at RMB 48,960/mt on Friday. After its opening, the most active SHFE copper contract plunged to RMB 48,390/mt on sell-off, but then rebounded to near RMB 49,500/mt on long buying, with resistance at RMB 49,700/mt. Finally, SHFE copper for October delivery ended the day down RMB 270/mt or 0.54% at RMB 49,650/mt, with trading volumes up 250,000 lots and positions up 6,852 lots. The most active SHFE copper contract is still under downward track after hitting the lowest in 20 months.