SMM Brief on SHFE Copper Prices (2013-7-3)

SHANGHAI, Jul. 3 (SMM) – SHFE 1310 copper contract opened RMB 150/mt higher at RMB 50,090/mt on Wednesday. The most active SHFE copper contract advanced to RMB 50,350/mt after its opening, but then pulled back to RMB 49,920/mt due to sell-off and the fallback in China’s A-shares. SHFE copper for October delivery followed LME copper up to an intraday high of RMB 50,580/mt at the tail of the session before closing at RMB 50,550/mt, up RMB 610/mt or 1.22%. Trading volumes of SHFE 1310 copper contracts were down 44,030 lots, but positions were up 13,808 lots. Trading volumes and positions of SHFE 1311 copper contracts increased 42,750 lots and 23,426 lots, respectively. The most active SHFE copper contract will meet resistance at the 20-day moving average.