SMM Brief on SHFE Copper Prices (2013-11-18)

SHANGHAI, Nov. 18 (SMM) – Copper for delivery in February on the SHFE, the most active one, opened RMB 120/mt lower at RMB 50,280/mt on Monday. SHFE 1402 copper contract stabilized after dipping to RMB 50,120/mt due to rising Shanghai Composite Index, and followed LME copper up in the afternoon. The contract, however, fell again at the tail of the session before ending RMB 110/mt or 0.22% lower at RMB 50,290/mt. Trading volumes were off 35,070 lots, but positions were up 18,084 lots. With wait-and-see sentiment ruling the market, the red metal is expected to continue moving in a tight range.