SMM Brief on SHFE Copper Prices (2013-6-27)

SHANGHAI, Jun. 27 (SMM) – With LME copper fluctuating weakly overnight, SHFE 1310 copper contract opened RMB 160/mt lower at RMB 48,300/mt on Thursday. The most active SHFE copper contract bounced back from lows thanks to dip-buying, but still failed to break through RMB 48,920/mt. In the afternoon, SHFE copper for October delivery hovered around the daily moving average before closing at RMB 48,780/mt, up RMB 320/mt or 0.66%. Trading volumes contracted 146,000 lots and positions were also down 33,122 lots. SHFE copper has not yet completely shaken off technical resistance and may move lower again.