SMM Brief on SHFE Copper Prices (2014-6-24)

SHANGHAI, Jun. 24 (SMM) – Prices for the most active SHFE copper contract found brief support at RMB 49,480/mt after starting Monday’s night session at RMB 49,560/mt. SHFE copper prices encountered resistance at RMB 49,690/mt subsequently, and finished up RMB 300/mt at RMB 49,580/mt. During the night session, trading volumes totaled around 70,000 lots, and positions added by 1,746 lots.

On Tuesday, SHFE copper prices initially dipped to a low of RMB 48,230/mt, and rebounded slightly at the tail of the trading to end up RMB 120/mt, or 0.24%, at RMB 49,400/mt. Trading volumes for the most active contract contracted by 146,000 lots, and positions shrank by 4,864 lots.