SMM Brief on SHFE Copper Prices (2013-7-22)

SHANGHAI, Jul. 22 (SMM) – SHFE 1311 copper contract opened RMB 160/mt higher at RMB 50,100/mt on Monday. The most active contract hovered near the daily moving average as longs and shorts mostly closed positions, with the low-end price at RMB 49,900/mt. SHFE copper for November delivery rose in the afternoon, but met resistance at RMB 50,400/mt. Finally, the most actively traded SHFE copper contract closed at RMB 50,350/mt, up RMB 410/mt or 0.82%. Trading volumes shrank by 47,366 lots and positions decreased by 17,208 lots.