SMM Brief on SHFE Copper Prices (2014-6-9)

SHANGHAI, Jun. 9 (SMM) – SHFE copper prices started last Friday’s night session lower at RMB 47,820/mt, and later recovered some losses to finish down RMB 250/mt at RMB 47,960/mt. During the night session, traded volumes for the most active contract surged to around 220,000 lots, while positions gained slightly by 518 lots.

On Monday, SHFE copper prices fell to test support at RMB 47,220/mt after hovering briefly at RMB 47,800/mt, and closed down RMB 840/mt, or 1.74%, at RMB 47,370/mt. Traded volumes for the most active contract added by 303,000 lots, while positions totaled 11,604 lots.