SMM Brief on SHFE Copper Prices (2014-7-21)

SHANGHAI, Jul. 21 (SMM) – The most active SHFE 1409 copper contract dipped to a low of RMB 49,190/mt after starting last Friday at RMB 49,580/mt. Prices for the contract later erased some losses to close down RMB 550/mt at RMB 49,370/mt, boosted by bargain-hunting. During the night session, trading volumes for the most active contract were around 220,000 lot, and positions gained by 10,204 lots.

On Monday, SHFE copper prices advanced to as high as RMB 49,650/mt, and finished down RMB 370/mt, or 0.74% at RMB 49,540/mt. Trading volumes for the SHFE 1409 copper contract added by 78,232 lots, and positions fell by 4,684 lots.