SMM Brief on SHFE Copper Prices (2013-7-18)

SHANGHAI, Jul. 18 (SMM) – SHFE 1311 copper contract opened RMB 510/mt lower at RMB 49,750/mt on Thursday due to falling LME copper prices overnight. The most active contract fell to near the daily moving average due to selloff and a 1% drop in China’s A-shares, with the high-end price at RMB 49,780/mt. In the afternoon, SHFE copper for November delivery dipped below the daily moving average, with the low-end price at RMB 49,370/mt. SHFE copper for delivery in four months did advance to its opening price at the tail of the session as shots closed positions, and finally closed at RMB 49,690/mt, down RMB 570/mt or 1.13%. Trading volumes shrank by 408,000 lots, but positions increased by 3,846 lots. SHFE copper prices remain under downward pressure.