SMM Brief on SHFE Copper Prices (2014-6-10)

SHANGHAI, Jun. 10 (SMM) – The most active SHFE copper contract tracked LME lead prices up slightly after starting Monday’s night session at RMB 47,620/mt, but then encountered resistance at RMB 47,670/mt before ending down RMB 60/mt at RMB 47,620/mt. During the night session, traded volumes for the most active contract reached some 160,000 lots, while positions gained by 5,900 lots.

On Tuesday, SHFE lead prices initially found brief support at RMB 47,360/mt, and later rebounded some to close down RMB 200/mt, or 0.42%, at RMB 47,480/mt. Traded volumes for the most active contract decreased by 266,000 lots, and positions contracted by 6,774 lots.