SMM Brief on SHFE Copper Prices (2013-11-6)

SHANGHAI, Nov. 6 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), the most active one, opened RMB 30/mt higher at RMB 51,600/mt on Wednesday. The red metal hovered near RMB 51,600/mt before sinking to RMB 51,360/mt on massive selloffs. SHFE 1401 copper contract hit a session high of RMB 51,690/mt in the afternoon session, but fell again before the session ended due to falling Chinese A-share, closing RMB 20/mt or 0.04% higher at RMB 51,590/mt. Trading volumes tumbled by 16,298 lots, but positions surged by 7,014 lots.