SHANGHAI, Oct. 21 (SMM) – Chinese A shares last week surrendered all gains from a week earlier, depressing any SHFE copper price rise. SHFE copper prices did find buying support at RMB 51,300/mt and staged a strong rally to climb as high as RMB 52,660/mt on Thursday, helped by rising positions and increasing LME copper prices. However, prices met resistance at RMB 52,500/mt with the SHFE/LME copper price ratio falling. Traded volumes for SHFE copper exceeded 400,000 lots, and positions added nearly 10,000 lots.
SMM Copper Weekly Price Review and Forecast (21-25 Oct. 2013)