SMM Brief on SHFE Copper Prices (2014-3-24)

SHANGHAI, Mar. 24 (SMM) – SHFE copper prices started last Friday’s night session at RMB 45,650/mt, helped by a rebound in LME copper prices. The red metal hovered between RMB 45,350-45,550/mt after finding support at RMB 45,300/mt, and ended up RMB 190/mt at RMB 45,340/mt. During the trading hours, trading volumes totaled around 370,000 lots, while positions were barely changed. SHFE copper prices pulled back slightly after opening on Monday, and then fluctuated between RMB 45,050-45,150/mt after gaining support at RMB 44,900/mt. The red metal tested a low of RMB 44,860/mt during the afternoon trading session, and later followed LME copper prices up to finish up RMB 270/mt, or 0.6%, at RMB 45,420/mt on Monday. Trading volumes for the most active SHFE copper contract decreased by 231,000 lots, and positions gained 4,120 lots.