SMM Brief on SHFE Copper Prices (2013-6-26)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-6-26)

Price Review & Forecast 03:42:45PM Jun 26, 2013 Source:SMM

SHANGHAI, Jun. 26 (SMM) – SHFE 1310 copper contract opened RMB 1,030/mt lower at RMB 49,230/mt on Wednesday. After its opening, the most active SHFE copper contract moved lower due to short selling and since longs exited the market. In the afternoon, SHFE copper for October delivery fell further to RMB 47,960/mt as LME copper retreated from USD 6,700/mt. Finally, SHFE 1310 copper contract shed RMB 140/m or 0.29% to end at RMB 48,060/mt, with trading volumes down 185,000 lots and positions up 20,694 lots. Trading volumes of SHFE copper exceeded 1 million lots for three consecutive days, with turnover rate at above 230%, a sign of active trading activity. Support at RMB 48,000/mt remains to be tested. 


 

SMM Brief on SHFE Copper Prices (2013-6-26)

Price Review & Forecast 03:42:45PM Jun 26, 2013 Source:SMM

SHANGHAI, Jun. 26 (SMM) – SHFE 1310 copper contract opened RMB 1,030/mt lower at RMB 49,230/mt on Wednesday. After its opening, the most active SHFE copper contract moved lower due to short selling and since longs exited the market. In the afternoon, SHFE copper for October delivery fell further to RMB 47,960/mt as LME copper retreated from USD 6,700/mt. Finally, SHFE 1310 copper contract shed RMB 140/m or 0.29% to end at RMB 48,060/mt, with trading volumes down 185,000 lots and positions up 20,694 lots. Trading volumes of SHFE copper exceeded 1 million lots for three consecutive days, with turnover rate at above 230%, a sign of active trading activity. Support at RMB 48,000/mt remains to be tested.