SMM Brief on SHFE Copper Prices (2014-4-3)

SHANGHAI, Apr. 3 (SMM) – The most active SHFE copper contract price followed LME copper prices down to RMB 46,500/mt after starting at RMB 47,040/mt, and ended down RMB 140/mt at RMB 46,570/mt during Wednesday’s night session. Traded volumes rose slightly to around 190,000 lots, while positions gained by 8,702 lots. On Thursday, SHFE copper prices fell to around the RMB 46,000/mt mark after losing support at RMB 46,500/mt, and hovered narrowly around RMB 46,200/mt during the afternoon trading session. The red metal rebounded at the tail of the trading to regain some losses and closed down RMB 380/mt, or 0.81%, at RMB 46,330/mt on Thursday. Traded volumes for the most active SHFE copper contract rose by 170,000 lots, and positions added by 16,494 lots. SHFE copper prices have sought support at the 10-day moving average, and aim to rise above the 30-day moving average in the near term.