SMM Brief on SHFE Copper Prices (2014-3-21)

SHANGHAI, Mar. 21 (SMM) – LME copper prices hovered on Thursday between USD 6,400-6,450/mt. SHFE copper prices initially fell to RMB 44,720/mt, and later held steady between RMB 44,900-45,200/mt in Thursday’s night session. During the trading session, trading volumes remained at 400,000 lots, while positions shed 1,440 lots. The most active SHFE copper contract prices were subdued below RMB 45,200/mt after opening at RMB 44,900/mt, and later followed LME copper prices up to a high of RMB 45,640/mt. The contract prices closed down RMB 20/mt, or 0.04% at RMB 45,170/mt. Trading volumes were 845,000 lots, and positions contracted 26,664 lots to nearly 370,000 lots for the most active SHFE copper contract. Trading volumes gained 965,000 lots to 1.59 million lots, and positions rose 13,154 lots for SHFE 1407 copper contract. SHFE copper prices will find support at RMB 46,000/mt in the short term.