SMM Brief on SHFE Copper Prices (2014-4-22)

SHANGHAI, Apr. 22 (SMM) – With the absence of guidance from LME copper prices, the most active SHFE copper price swung by only RMB 100/mt after starting at RMB 46,600/mt, and ended up RMB 140/mt at RMB 46,640/mt during Monday’s night session. Traded volumes stood at around 60,000 lots, while positions gained 3,116 lots. On Tuesday, SHFE copper prices followed LME copper prices down to a low of RMB 46,320/mt after rallying briefly to RMB 46,700/mt, and finished down RMB 70/mt, or 0.15%, at RMB 46,430/mt. Traded volumes for the most active SHFE contract added 36,786 lot, but positions fell 2,910 lots. Traded volumes and positions for the SHFE 1408 copper contract expanded 51,792 lots and 21,248 lots, respectively.