SMM Brief on SHFE Copper Prices (2013-10-16)

SHANGHAI, Oct. 16 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 20/mt higher at RMB 52,200/mt on Wednesday. The contract fluctuated in a tight range after opening, with upward momentum being constrained by a 2.2% decline in the Shanghai Composite Index. The red metal fell back after hitting RMB 52,470/mt, and stayed below the daily moving average in the afternoon session. Finally, SHFE 1401 copper contract ended up RMB 40/mt or 0.08% at RMB 52,220/mt. Trading volumes and positions increased by 98,194 lots and 4,054 lots, respectively. Support at the daily moving average is to be tested repeatedly.