SMM Brief on SHFE Copper Prices (2013-10-30)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-30)

Price Review & Forecast 04:49:34PM Oct 30, 2013 Source:SMM

SHANGHAI, Oct. 30 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 330/mt higher at RMB 51,600/mt on Wednesday. The red metal gained upward momentum after short sellers closed positions near mid-day, and rose further to RMB 52,000/mt at the tail of the session, drawing support from a 1.3% uptick in Chinese A-share. Finally, SHFE 1401 copper contract ended RMB 810/mt or 1.58% higher at RMB 52,080/mt. Trading volumes and positions shrank by 107,000 lots and 23,088 lots, respectively.

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-30)

Price Review & Forecast 04:49:34PM Oct 30, 2013 Source:SMM

SHANGHAI, Oct. 30 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 330/mt higher at RMB 51,600/mt on Wednesday. The red metal gained upward momentum after short sellers closed positions near mid-day, and rose further to RMB 52,000/mt at the tail of the session, drawing support from a 1.3% uptick in Chinese A-share. Finally, SHFE 1401 copper contract ended RMB 810/mt or 1.58% higher at RMB 52,080/mt. Trading volumes and positions shrank by 107,000 lots and 23,088 lots, respectively.

Key Words:  SHFE copper