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SMM Brief on SHFE Copper Prices (2013-11-15)
Nov 15,2013 16:18CST
price review forecast
Source:SMM
Copper for delivery in January on the SHFE, the most active one, opened RMB 10/mt higher at RMB 50,530/mt on Friday.

SHANGHAI, Nov. 15 (SMM) – Copper for delivery in January on the SHFE, the most active one, opened RMB 10/mt higher at RMB 50,530/mt on Friday. Investors closing short positions and a 1.7% jump of the Shanghai Composite Index pushed the red metal up. Nevertheless, SHFE 1401 copper contract fell back after meeting resistance at RMB 50,830/mt, and wiped out previous gains in the afternoon session to head for RMB 50,060/mt, dragged down by falling LME copper and growing bear positions in distant copper contracts. The contracted lost RMB 440/mt or 0.87% to end the day at RMB 50,080/mt. Trading volumes ballooned 23,860 lots, but positions dropped 9,234 lots. Further price declines are on the horizon for the red metal.
 

SHFE copper

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