SMM Brief on SHFE Copper Prices (2013-7-29)

SHANGHAI, Jul. 29 (SMM) – SHFE 1311 copper contract opened RMB 940/mt lower at RMB 49,200/mt on Monday. The most active contract moved all the way down to RMB 48,920/mt due to selloff and a 1.8% plunge in China’s A-shares. Finally, SHFE copper for November delivery finished at RMB 49,100/mt, down RMB 1,140/mt or 2.27%. Trading volumes decreased by 2,498 lots, but positions increased by 14,486 lots. Shorts again predominated the market.