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Home / Metal News / SMM Brief on SHFE Copper Prices (2013-11-1)

SMM Brief on SHFE Copper Prices (2013-11-1)

Nov 1, 2013 19:40

Source:SMM

Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 100/mt lower at RMB 51,730/mt on Friday.

SHANGHAI, Nov. 1 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 100/mt lower at RMB 51,730/mt on Friday. Upbeat China manufacturing PMI and rising Chinese A-share drove the red metal up to RMB 52,290/mt. Finally, SHFE 1401 copper contract ended RMB 410/mt or 0.79% higher at RMB 52,240/mt. Trading volumes and positions shrank by 21,420 lots and 12,602 lots, respectively. The rally, however, was driven mainly by short sellers closing positions. Longs may take profits at highs after copper prices rise further.

SHFE copper

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