SMM Brief on SHFE Copper Prices (2014-4-25)

SHANGHAI, Apr. 25 (SMM) – The most active SHFE copper contract price started Thursday’s night session higher at RMB 47,260/mt, boosted by a sharp rebound in LME copper prices. The contract price later extended gains to hit a high of RMB 47,770/mt at the tail of the trading, and finished up RMB 770/mt at RMB 47,730/mt. Traded volumes for the most active contract soared to around 230,000 lots, while positions rose slightly to 2,920 lots. On Friday, SHFE copper prices rallied as high as RMB 48,020/mt after falling initially to RMB 47,300/mt, and ended up RMB 960/mt, or 2.04%, at RMB 47,920/mt. Traded volumes for the most active contract gained 198,000 lots, while positions shed 8,576 lots. Total traded volumes increased 355,000 lots, and total positions lost 27,584 lots.