SMM Brief on SHFE Copper Prices (2014-6-5)

SHANGHAI, Jun. 5 (SMM) – Dragged down by LME copper prices falling below the USD 6,800/mt mark, SHFE copper prices opened significantly lower at RMB 47,880/mt during Wednesday’s night session. The red metal later recouped some losses due to shorts taking profits, but still encountered resistance at RMB 48,140/mt before ending down RMB 90/mt at RMB 48,130/mt. During the night session, traded volumes rose to around 150,000 lots, while positions added 896 lots.

On Thursday, SHFE copper prices hovered largely between RMB 48,000-48,200/mt, but rose to an intraday high of RMB 48,340/mt at the tail of the trading, ending up RMB 100/mt, or 0.21%, at RMB 48,320/mt. Traded volumes for the most active contract expanded 43,428 lots, while positions shed 3,588 lots.