SMM Brief on SHFE Copper Prices (2014-6-25)

SHANGHAI, Jun. 25 (SMM) – Prices for the SHFE 1408 copper contract swung by less than RMB 100/mt after starting Tuesday’s night session at RMB 49,440/mt. SHFE copper prices rose to as high as RMB 49,480/mt, and closed down RMB 50/mt at RMB 49,400/mt. During the night session, trading volumes for the SHFE 1408 copper contract stood at around 50,000 lots, and positions contracted by 5,778 lots.

On Wednesday, copper for September delivery became the most active contract on the Shanghai Futures Exchange. The SHFE 1408 copper contract advanced to a high of RMB 49,480/mt, but also sank to RMB 49,210/mt before ending down RMB 10/mt, or 0.02%, at RMB 49,440/mt. The most active SHFE 1409 copper contract hovered largely in the RMB 48,880-49,180/mt range, and finished up RMB 30/mt at RMB 49,130/mt. Trading volumes for the SHFE 1408 copper contract shed by 68,524 lots, and positions lost by 16,152 lots. Trading volumes for the SHFE 1409 copper contract contracted by 30,168 lots, but positions for the most active contract gained by 14,598 lots. The most active SHFE copper contract is expected to trade in ranges for the foreseeable future.