SMM Brief on SHFE Copper Prices (2014-6-11)

SHANGHAI, Jun. 11 (SMM) – The most active SHFE copper contract opened Tuesday’s night session at RMB 47,460/mt, meeting resistance at RMB 47,670/mt, and finished up RMB 100/mt at RMB 47,620 mt. During the night session, traded volumes for the most active contract fell to some 80,000 lots, and positions gained by 2,108 lots.

On Wednesday, SHFE copper prices rose to RMB 47,750/mt after testing a low at RMB 47,410/mt, and advanced to an intraday high of RMB 47,960/mt at the tail of the trading before ending up RMB 340/mt, or 0.72%, at RMB 47,860/mt. Traded volumes for the most active contract contracted by 14,290 lots, and positions expanded by 868 lots.