SMM Brief on SHFE Copper Prices (2013-6-28)

SHANGHAI, Jun. 28 (SMM) – With LME copper being mired overnight, SHFE 1310 copper contract opened RMB 340/mt lower at RMB 48,220/mt on Friday. The most active SHFE copper contract rebounded after dipping to RMB 47,900/mt thanks to a wave of buying and the rally in China’s A-shares, but still failed to break through RMB 48,800/mt. Finally, SHFE copper for October delivery gained 20/mt or 0.04% to close at RMB 48,580/mt, with trading volumes and positions down 145,000 lots and 18,496 lots, respectively. Total trading volumes contracted 132,000 lots and total positions decreased 5,144 lots. The most actively traded SHFE copper contract has found strong support at RMB 48,000/mt, but still failed to shaken off resistance at the 5-day moving average.