SMM Brief on SHFE Copper Prices (2014-3-12)

SHANGHAI, Mar. 12 (SMM) – The most active SHFE 1406 copper contract dipped as low as RMB 43,890/mt, and ended down 4.28% at RMB 44,020/mt in Tuesday’s night trading session. During the night session, trading volumes surged to more than 700,000 lots, and positions rose by 77,496 lots, with a bearish mood prevailing in the market. SHFE copper prices fell by the daily downside limit to RMB 43,690/mt, and then hovered around RMB 44,300/mt due to a large number of short investors liquidating positions. The red metal rebounded at the tail of the trading, and finished down RMB 1,490/mt or 3.24% at RMB 44,500/mt. Trading volumes surged 678,000 lots to 2.24 million lots, while positions expanded 91,350 lots to 820,000 lots on Wednesday. Technical indicators remained bullish.