SHANGHAI, Oct. 29 (SMM) – Chinese A-shares lost 1.4% last week. SHFE copper followed LME copper trends, falling after initially rising, dragged down by liquidity shortages and the drops across financial market. SHFE copper prices fell below RMB 51,500/mt after meeting resistance at RMB 52,600/mt, and even as low as RMB 51,100/mt, before ending the week down 2%. The SHFE/LME copper price ratio fell significantly, while positions for SHFE copper increased. Some investors now intend to sell goods to avoid further losses.
SMM Copper Weekly Price Review and Forecast (28 Oct.-1 Nov. 2013)