SMM Brief on SHFE Copper Prices (2013-11-20)

SHANGHAI, Nov. 20 (SMM) – Copper for delivery in February on the SHFE opened RMB 210/mt higher at RMB 49,980/mt on Wednesday, helped by rising LME copper overnight. Some investors closed bear positions, pushing the most active contract up to RMB 50,500/mt. The red metal, however, fell back to hover above RMB 50,200/mt after some investors closed long positions. SHFE 1402 copper contract rebounded again at the tail of the session before closing RMB 590/mt or 1.19% higher at RMB 50,360/mt. Trading volumes and positions were down 75,498 lots and 10,690 lots, respectively.