SMM Brief on SHFE Copper Prices (2014-4-24)

SHANGHAI, Apr. 24 (SMM) – The most active SHFE copper contract price started Wednesday’s night session at RMB 46,660/mt, swinging by only RMB 100/mt, and subsequently tracked LME copper prices up to close RMB 130/mt higher at RMB 46,760/mt. Traded volumes hovered around 100,000 lots, while positions remained essentially unchanged. On Thursday, SHFE copper prices rallied above the RMB 47,000/mt mark, helped by LME copper prices, and later advanced further to a high of RMB 47,330/mt before ending up RMB 620/mt, or 1.33%, at RMB 47,250/mt. Traded volumes and positions for the most active SHFE copper contract soared 80,118 lots and 13,916 lots, respectively. Totaled traded volumes added 142,000 lots, but total positions shed 3,088 lots.