SMM Brief on SHFE Copper Prices (2014-4-29)

SHANGHAI, Apr. 29 (SMM) – The most active SHFE copper contract started Monday’s night session at RMB 47,840/mt, and then swung by less than RMB 100/mt. The contract still failed to rise above the RMB 48,000/mt mark during the session, and closed down at RMB 47,920/mt. Traded volumes held around 80,000 lots, while positions added 1,818 lots. On Tuesday, SHFE copper prices sank to RMB 47,800/mt by the midday after briefly testing resistance at RMB 48,050/mt. Dampened by the Shanghai Composite Index falling below the 2,000 level at some stage, the red metal dipped as low as RMB 47,580/mt, and ended Tuesday down RMB 280/mt, or 0.58%, at RMB 47,640/mt. Traded volumes and positions for the most active SHFE contract decreased by 64,958 lots and 11,784 lots, respectively. With regard to the SHFE 1408 contract, traded volumes lost 5,014 lots, but positions added 10,732 lots. SHFE distant-month copper contract prices are unlikely to rebound for the short term due to persistent selling pressure.