SMM Brief on SHFE Copper Prices (2013-10-23)

SHANGHAI, Oct. 23 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, started RMB 280/mt higher at RMB 52,490/mt on Wednesday, driven by rising LME copper overnight. The red metal crept higher to RMB 52,560/mt, but wiped out gains before noon since longs closed positions and as China’s A-share lost over 1%. SHFE 1401 copper contract fell further to RMB 52,030/mt in the afternoon before ending the day at RMB 52,100/mt, down RMB 110/mt or 0.21%. Trading volumes and positions were up 63,244 lots and 5,322 lots, respectively.