SMM Copper Market Daily Review (2013-11-29)

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.