SMM Brief on SHFE Copper Prices (2013-11-28)

SHANGHAI, Nov. 28 (SMM) – SHFE 1402 copper contract started Thursday RMB 140/mt lower at RMB 50,470/mt, dragged down by falling LME copper on Wednesday. Some investors closed short positions, while others increased long positions, driving the most active contract up to RMB 50,690/mt. Nevertheless, the red metal tumbled to an intraday low of RMB 50,320/mt at the tail of the session due to plunging LME copper and selling at highs before finishing at RMB 50,420/mt, a drop of RMB 190/mt or 0.38%. Trading volumes and positions soared 31,752 lots and 9,088 lots, respectively.