SMM Brief on SHFE Copper Prices (2013-7-1)

SHANGHAI, Jul. 1 (SMM) – With LME copper holding steady overnight, SHFE 1310 copper contract opened RMB 80/mt higher at RMB 48,480/mt on Monday. The most active SHFE copper contract drifted higher due to a wave of dip-buying, with the low-end price at RMB 48,320/mt. In the afternoon, LME copper broke through USD 6,800/mt and China’s A-shares reversed losses, driving SHFE copper for October delivery up to RMB 49,520/mt at the tail of the session. Finally, the most actively traded SHFE copper contract gained RMB 1,030/mt or 2.13% to close at RMB 49,420/mt. Trading volumes added 39,526 lots and positions were also up 2,552 lots. SHFE 1310 copper contract will test support at RMB 49,000/mt.