SMM Brief on SHFE Copper Prices (2013-7-11)

SHANGHAI, Jul. 11 (SMM) – SHFE 1311 copper contract started RMB 1,130/mt higher at RMB 49,510/mt on Thursday. The most active SHFE copper contract jumped to RMB 50,800/mt as shorts closed positions but then pulled back to RMB 50,000/mt. In the afternoon, SHFE copper for November delivery rose by the daily limit again as LME copper broke through USD 7,000/mt and as China’s A-shares leapt by 4%. Finally, SHFE 1311 copper contract closed at RMB 50,700/mt, up RMB 2,320/mt or 4.8%. Trading volumes added 38,438 lots, but positions were off 25,774 lots. The most active SHFE copper contract will challenge resistance at the 60-day moving average.