SMM Brief on SHFE Copper Prices (2014-4-2)

SHANGHAI, Apr. 2 (SMM) – SHFE copper prices followed LME copper prices down to RMB 46,500/mt after starting at RMB 46,680/mt, and later leveled out to end up RMB 10/mt, at RMB 46,640/mt during Tuesday’s night session. Trading volumes fell by around 80,000 lots, and positions gained by 8,654 lots. On Wednesday, SHFE copper prices rallied to RMB 47,220/mt, helped by rising LME copper prices in the morning trading session, but then fell back immediately to hover around RMB 46,650/mt. The red metal finished up RMB 20/mt, or 0.04%, at RMB 46,650/mt on Wednesday. Trading volumes for the most active SHFE copper contract grew by 164,000 lots, while positions increased by 24,338 lots.