SMM Brief on SHFE Copper Prices (2013-10-29)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-29)

Price Review & Forecast 04:44:33PM Oct 29, 2013 Source:SMM

SHANGHAI, Oct. 29 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, started RMB 10/mt lower at RMB 51,490/mt on Tuesday, as LME copper fell overnight. Massive selloff and falling Chinese A-share sent the red metal down to RMB 51,000/mt. SHFE 1401 copper contract, however, recouped earlier losses after short sellers closed positions, closing RMB 10/mt or 0.02% higher at RMB 51,510/mt. Trading volumes and positions were up 167,000 lots and 20,946 lots, respectively. SHFE copper for January delivery still faces downward pressure.   

 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-29)

Price Review & Forecast 04:44:33PM Oct 29, 2013 Source:SMM

SHANGHAI, Oct. 29 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, started RMB 10/mt lower at RMB 51,490/mt on Tuesday, as LME copper fell overnight. Massive selloff and falling Chinese A-share sent the red metal down to RMB 51,000/mt. SHFE 1401 copper contract, however, recouped earlier losses after short sellers closed positions, closing RMB 10/mt or 0.02% higher at RMB 51,510/mt. Trading volumes and positions were up 167,000 lots and 20,946 lots, respectively. SHFE copper for January delivery still faces downward pressure.   

 

Key Words:  SHFE copper