SMM Brief on SHFE Copper Prices (2014-3-25)

SHANGHAI, Mar. 25 (SMM) – The most active SHFE copper contract price started Monday’s night session at RMB 45,480/mt, and later encountered resistance at RMB 45,630/mt. The red metal later dipped to a low of RMB 45,230/mt, and closed up RMB 20/mt at RMB 45,270/mt. During the night session, trading volumes fell slightly to around 250,000 lots, while positions were barely changed. The most active SHFE copper contract prices fluctuated between RMB 45,150-45,350/mt on Tuesday, and then surged by nearly RMB 800/mt to RMB 46,350/mt. The contract prices hovered around RMB 45,800/mt during the afternoon trading session, and finished up RMB 640/mt, or 1.41%, at RMB 45,890/mt on Tuesday. Trading volumes gained by 51,082 lots, and positions shed by sharply 43,156 lots. SHFE copper prices have found stronger support at the 5-day moving average on Tuesday and are expected to bounce back in the near term.