SMM Brief on SHFE Copper Prices (2014-6-3)

SHANGHAI, Jun. 3 (SMM) – The night session was suspended Monday due to the Dragon Boat Festival holiday. SHFE copper prices started significantly higher at RMB 48,730/mt on Tuesday, aided by a rebound in LME copper prices, but later fell after briefly touching a high of RMB 48,890/mt. The red metal hovered narrowly around RMB 48,650/mt during the afternoon trading session and closed up RMB 230/mt, or 0.47%, at RMB 48,690/mt. Traded volumes for the most active SHFE copper contract decreased 190,000 lots, while positions shed 2,672 lots on Tuesday.