SMM Brief on SHFE Copper Prices (2014-4-28)

SHANGHAI, Apr. 28 (SMM) – The most active SHFE copper contract price swung by less than RMB 200/mt after starting last Friday’s night session at RMB 47,800/mt, meeting resistance at RMB 47,960/mt. The contract price closed up RMB 280/mt at RMB 47,910/mt, with traded volumes at around 100,000 lots and positions down 4,002 lots. On Monday, SHFE copper prices rose as high as RMB 48,160/mt, but later confronted tentative selling pressure to finish up RMB 340/mt, or 0.71%, at RMB 47,970/mt. Traded volumes shed 246,000 lots, while positions lost 11,208 lots. The trading range for SHFE copper prices climbed above the 60-day moving average, but both shorts and longs turned wary at the RMB 48,000/mt mark, with prices expected to hover at high levels for the short term.