SMM Brief on SHFE Copper Prices (2013-10-25)

SHANGHAI, Oct. 25 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, started RMB 70/mt higher at RMB 51,750/mt on Friday, as LME copper rallied overnight. The red metal moved in a tight range of RMB 51,600-51,800/mt due to thin trading activities. In the afternoon session, plunging LME copper and a 1.9% decline in China’s A-share sparked massive selloff, sending SHFE 1401 copper contract all the way down to RMB 51,100/mt. Finally, SHFE copper for January delivery ended down RMB 530/mt or 1.03% at RMB 51,150/mt. Trading volumes were off 24,964 lots, but positions were up 32,398 lots. Further declines are on the way for the red metal.