SHANGHAI, Dec. 2 (SMM) – SHFE 1402 copper contract started RMB 110/mt higher at RMB 50,600/mt on November 29, supported by rising LME copper. The most active contract traded sideways in the morning session, but showed increasing volatility in the afternoon, falling to RMB 50,520/mt before rebounding to RMB 50,740/mt. The red metal ended the day up RMB 110/mt or 0.22% at RMB 50,600/mt. Trading volumes and positions contracted 31,538 lots and 4,614 lots, respectively. SHFE copper for February delivery is expected to test support at the 5-day moving average. SHFE copper stocks were down 3,131 mt to 148,670 mt last week, and the falling stocks may help support domestic copper prices on the horizon.
SMM Copper Market Daily Review (2013-11-29)