SMM Brief on SHFE Copper Prices (2013-7-16)

SHANGHAI, Jul. 16 (SMM) – SHFE 1311 copper contract started RMB 50/mt lower at RMB 49,900/mt on Tuesday. The most active contract sank to RMB 49,720/mt in the morning session, but then advanced above the daily moving average due to dip-buying. SHFE copper for November delivery rose further to an intraday high of RMB 50,280/mt at the tail of the session due to position liquidation before closing at RMB 50,250/mt, up RMB 300/mt or 0.6%. Trading volumes contracted 110,000 lots, but positions added 3,842 lots. SHFE 1311 copper contract has found support at RMB 49,700/mt, but resistance at the 30-day moving average remains strong.