SMM Brief on SHFE Copper Prices (2014-7-10)

SHANGHAI, Jul. 10 (SMM) – The most active SHFE 1409 copper contract started Wednesday’s night session at RMB 51,100/mt, and then trended lower to close down 420/mt at RMB 50,560/mt. During the night session, trading volumes for the most active contract hovered at around 240,000 lots, and positions gained by 656 lots.

On Thursday, SHFE copper prices fluctuated largely between RMB 50,460-50,700/mt, and ended down RMB 410/mt, or 0.8%, at RMB 50,570/mt. Trading volumes for the SHFE 1409 copper contract shed by 22,216 lots, and positions added by 7,596 lots. The red metal is expected to trade in ranges for the near term, testing support at the 10-day moving average. The turnover rate for the most active SHFE 1409 copper contract reached as high as 151% on Thursday.