SMM Brief on SHFE Copper Prices (2014-3-17)

SHANGHAI, Mar. 17 (SMM) – Boosted by stabilizing LME copper prices, SHFE copper prices staged a slight rebound to start higher at RMB 44,860/mt, but failed to break above the RMB 45,000/mt mark in last Friday’s night session. The red metal ended up RMB 240/mt at RMB 44,590/mt. During the trading hours, trading positions maintained at around 430,000 lots, while positions edged up 330 lots, with slower trading activity. SHFE copper prices hovered most of Monday between RMB 44,500-44,700/mt, and fell a touch at the tail of the trading. The red metal later sank to an intraday low of RMB 44,070/mt due to another round of sell-offs, and closed down RMB 180/mt or 0.05% at RMB 44,170/mt on Monday. Trading volumes shed 130,000 lots, while positions added 23,258 lots. SHFE copper has fallen to RMB 44,200/mt and is expected to test support at RMB 44,000/mt in the near term.