SMM Brief on SHFE Copper Prices (2013-7-24)

SHANGHAI, Jul. 24 (SMM) – SHFE 1311 copper contract opened RMB 120/mt higher at RMB 50,560/mt on Wednesday. The most active contract climbed to RMB 50,670/mt after its opening, but slumped to RMB 50,150/mt in the afternoon due to disappointing HSBC’s flash China manufacturing PMI for July, falling LME copper prices and plunging A-shares. SHFE copper for November delivery did reverse losses at the tail of the session as short sellers closed positions, and closed at RMB 50,530/mt, up RMB 90/mt or 0.18%. Trading volumes increased by 80,684 lots, but positions decreased by 11,212 lots.