SMM Brief on SHFE Copper Prices (2013-11-21)

SHANGHAI, Nov. 21 (SMM) – Copper for delivery in February on the SHFE opened RMB 150/mt lower at RMB 50,110/mt on Thursday, weighted down by falling LME copper overnight. SHFE 1402 copper contract fell to RMB 49,910/mt due to selloffs, but followed LME copper up in the afternoon and rose further to RMB 50,380/mt after investors closed short positions. The contract ended the day up RMB 20/mt or 0.04% at RMB 50,280/mt. Trading volumes and positions were up 19,990 lots and 16,878 lots, respectively. Despite the rally, bearish sentiment still lingers.