SHANGHAI, Oct. 23 (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 presenting a fall-off due since LME copper was weighed down and since China’s A-shares dropped nearly 1%. 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. Investors were cautious, waiting for guides from LME copper following the data release.
SMM Copper Market Daily Review (2013-10-22)