SMM Brief on SHFE Copper Prices (2013-7-19)

SHANGHAI, Jul. 19 (SMM) – SHFE 1311 copper contract opened RMB 360/mt higher at RMB 49,900/mt on Friday due to firm LME copper prices overnight. The most active contract pulled back to hover near the daily moving average after touching a high of RMB 50,260/mt. In the afternoon, China’s A-shares slid below 2,000 points, sending SHFE copper for November delivery down to an intraday low of RMB 49,500/mt. Finally, the most actively traded SHFE copper contract closed at RMB 49,540/mt, flat with yesterday’s settlement price. Trading volumes shrank by 21,570lots, but positions increased by 13,118 lots. SHFE 1311 copper contract is expected to stage volatile movement in the coming week.