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SMM Brief on SHFE Copper Prices (2013-7-23)
Jul 23,2013 16:10CST
price review forecast
Source:SMM
SHFE 1311 copper contract opened RMB 170/mt higher at RMB 50,350/mt on Tuesday as LME copper extended gains overnight.

SHANGHAI, Jul. 23 (SMM) – SHFE 1311 copper contract opened RMB 170/mt higher at RMB 50,350/mt on Tuesday as LME copper extended gains overnight. The most active contract found its high at RMB 50,690/mt due to a wave of buying and a 2% rally in China’s A-shares. In the afternoon, SHFE copper for November delivery  was pushed down by short selling to RMB 50,220/mt before closing at RMB 50,260/mt, up RMB 80/mt or 0.16%. Trading volumes shrank by 6,288 lots, but positions increased by 2,374 lots. SHFE copper for delivery in four months will continue to meet strong resistance at RMB 50,500/mt.     


 

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