SMM Brief on SHFE Copper Prices (2013-7-10)

SHANGHAI, Jul. 10 (SMM) – SHFE 1311 copper contract started RMB 320/mt higher at RMB 48,680/mt on Wednesday. The most active SHFE copper contract tumbled to RMB 48,000/mt as China’s falling foreign trade triggered aggressive selloff. In the afternoon, China’s A-shares bounced back to 2,000 points, pushing SHFE copper for November delivery above the daily moving average. SHFE 1311 copper contract rose further at the tail of the session as shorts scaled back positions before finishing at RMB 48,630/mt, down RMB 370/mt or 0.76%. Trading volumes added 179,000 lots and positions were up 29,634 lots. SHFE copper will meet great resistance as bearish sentiment dominates.