SMM Brief on SHFE Copper Prices (2014-4-9)

SHANGHAI, Apr. 9 (SMM) – The most active SHFE copper contract price leveled out after starting at RMB 46,580/mt, and ended up RMB 60/mt at a high of RMB 46,790/mt during Tuesday’s night session. Traded volumes stood at some 100,000 lots, and positions gained by 6,008 lots. On Wednesday, SHFE copper prices fell to RMB 46,600/mt in the afternoon trading hours after encountering resistance at RMB 46,840/mt, and broke below RMB 46,500/mt at the tail of the trading. The red metal closed down RMB 350/mt, or 0.75%, at an intraday low of RMB 46,380/mt on Wednesday. Traded volumes added by 83,406 lots, while positions expanded by 13,558 lots. SHFE copper prices have been trapped between the 5-day and 10-day moving averages, and should test support at RMB 46,500/mt in the near term.