SMM Brief on SHFE Copper Prices (2013-6-25)

SHANGHAI, Jun. 25 (SMM) – SHFE 1310 copper contract opened RMB 520/mt lower at RMB 48,100/mt on Tuesday. China’s A-shares tumbled more than 5% for two consecutive days to 1,849 points, keeping copper prices in check. On the other hand, some short sellers took profits, preventing copper prices from falling. The most active SHFE copper contract, however, sank to RMB 47,560/mt in the afternoon session as LME copper dropped to USD 6,000/mt. Later, SHFE copper for October delivery rose to RMB 48,950/mt due to position liquidation, and finally closed at RMB 48,580/mt, down RMB 40/mt or 0.08%, with trading volumes up 193,000 lots and positions down 45,104 lots. SHFE copper is still under downward track.