Metals News
SMM Brief on SHFE Copper Prices (2013-6-24)
price review forecast
04:55PM
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.

 

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