SMM Brief on SHFE Copper Prices (2013-7-25)

SHANGHAI, Jul. 25 (SMM) – SHFE 1311 copper contract opened RMB 80/mt lower at RMB 50,320/mt on Thursday as LME copper pulled back after hitting high overnight. However, the most active contract rose after its opening as longs entered the market and as LME copper regained support at USD 7,000/mt due to falling US dollar index. SHFE copper for November delivery hit an intraday high of USD 50,560/mt at the tail of the session before closing at RMB 50,490/mt, up RMB 90/mt or 0.18%. Trading volumes decreased by 161,000 lots, but positions increased by 12,278 lots. Technical resistance remains strong, though.