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SMM Brief on SHFE Copper Prices (2013-11-22)
Nov 22,2013 17:03CST
price review forecast
Source:SMM
Rising LME copper helped Copper for delivery in February on the SHFE open RMB 490/mt higher at RMB 50,600/mt on Friday.

SHANGHAI, Nov. 22 (SMM) – Rising LME copper helped Copper for delivery in February on the SHFE open RMB 490/mt higher at RMB 50,600/mt on Friday. SHFE 1402 copper contract moved in a tight RMB 100/mt band due to massive selloffs, meeting resistance at RMB 50,720/mt. Falling LME copper and a lower Shanghai Composite Index in the afternoon caused the red metal to give back some of its previous gains to RMB 50,360/mt. Finally, the contract ended the day up RMB 360/mt or 0.72% at RMB 50,470/mt. Trading volumes and positions shrank 45,214 lots and 12,224 lots, respectively. The rally may prove short-lived, though.

 

SHFE copper

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