SMM Brief on SHFE Copper Prices (2013-10-22)

SHANGHAI, Oct. 22 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 160/mt higher at RMB 52,260/mt on Tuesday. The red metal drifted higher to RMB 52,370/mt before surrendering some earlier gains due to falling LME copper and an almost 1% decline in China’s A-share. SHFE 1401 copper contract hovered around the daily moving average for most time of the afternoon session, with the low-end price at RMB 52,120/mt. Finally, SHFE copper for January delivery closed up RMB 60/mt or 0.12% at RMB 52,160/mt. Trading volumes and positions dropped 43,164 lots and 396 lots, respectively.