SMM Brief on SHFE Copper Prices (2013-7-26)

SHANGHAI, Jul. 26 (SMM) – SHFE 1311 copper contract opened RMB 180/mt higher at RMB 50,580/mt on Friday as LME copper rose overnight on a falling US dollar. The most active contract hovered around RMB 50,500/mt in the morning session, but tumbled to RMB 49,880/mt in the afternoon as LME copper plunged at 2 p.m. SHFE copper for November delivery ended the day down RMB 360/m or 0.71% at RMB 50,040/mt. Trading volumes and positions increased by 63,400 lots and 13,682 lots, respectively. SHFE 1311 copper contract will meet resistance at the 6-day moving average and find support at the 30-day moving average ahead of next week’s Fed meeting.