SMM Brief on SHFE Copper Prices (2013-6-24)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-6-24)

Price Review & Forecast 04:55:14PM Jun 24, 2013 Source:SMM

SHANGHAI, Jun. 24 (SMM) – SHFE 1310 copper contract opened RMB 330/mt higher at RMB 49,470/mt on Monday. After its opening, the most active SHFE copper contract was dragged down by sell-off. China’s A-shares dived 5.4% to 1,958.4 points. Meanwhile, LME copper tumbled below USD 6,700/mt in the afternoon, driving SHFE copper for October delivery down to RMB 47,900/mt, a new 20-month low. Finally, SHFE 1310 copper contract ended the day down RMB 1,190/mt or 2.42% at RMB 47,950/mt, with trading volumes up 13.3 lots and positions up 57,570 lots. Total positions increased 65,566 lots to nearly 830,000 lots. SHFE copper is expected to fall further.

 

SMM Brief on SHFE Copper Prices (2013-6-24)

Price Review & Forecast 04:55:14PM Jun 24, 2013 Source:SMM

SHANGHAI, Jun. 24 (SMM) – SHFE 1310 copper contract opened RMB 330/mt higher at RMB 49,470/mt on Monday. After its opening, the most active SHFE copper contract was dragged down by sell-off. China’s A-shares dived 5.4% to 1,958.4 points. Meanwhile, LME copper tumbled below USD 6,700/mt in the afternoon, driving SHFE copper for October delivery down to RMB 47,900/mt, a new 20-month low. Finally, SHFE 1310 copper contract ended the day down RMB 1,190/mt or 2.42% at RMB 47,950/mt, with trading volumes up 13.3 lots and positions up 57,570 lots. Total positions increased 65,566 lots to nearly 830,000 lots. SHFE copper is expected to fall further.