SMM Brief on SHFE Copper Prices (2013-11-25)

SHANGHAI, Nov. 25 (SMM) – Rising LME copper helped SHFE 1402 copper contract open RMB 460/mt higher at RMB 50,990/mt on Monday. The contract fell back after a brief touch of RMB 51,020/mt due to selloffs, and went all the way down to RMB 50,480/mt in the afternoon before closing the day RMB 30/mt or 0.06% lower at RMB 50,500/mt. Trading volumes were off 2,604 lots, while positions increased 9,674 lots. Market caution will preclude any appreciable uptick in the red metal for the near term.