SMM Brief on SHFE Copper Prices (2014-4-11)

SHANGHAI, Apr. 11 (SMM) – SHFE copper prices fell to as low as RMB 46,260/mt after starting at RMB 46,430/mt, but then encountered resistance at RMB 46,490/mt during Thursday’s night session. The red metal closed up RMB 220/mt at RMB 46,440/mt. Traded volumes fell further to around 120,000 lots, while positions increased by 7,484 lots. On Friday, SHFE copper prices fell to find support at RMB 46,200/mt, and later rebounded to RMB 46,350/mt. The red metal followed LME copper prices up during the afternoon trading session to as high as RMB 46,850/mt and finished up RMB 520/mt, or 1.13%, at RMB 46,740/mt. Traded volumes shed by 44,298 lots, and positions expanded by 4,708 lots.