SHFE Copper Closes Down RMB 430/mt on Weak Chinese Data (August 13, 2014)

SHANGHAI, Aug. 13 (SMM) – The most active SHFE 1410 copper contract tested support at RMB 49,530/mt after starting Tuesday’s night session at RMB 49,820/mt, and finished down RMB 100/mt at RMB 49,630/mt. During the night session, trading volumes were around 110,000 lots, and positions gained by 5,772 lots.

On Wednesday, SHFE copper prices managed to hover around RMB 49,600/mt during the morning trading session, but later dipped to a trough of RMB 49,270/mt before ending down RMB 430/mt, or 0.86%, at RMB 49,300/mt. Trading volumes added by 66,588 lots, and positions increased by 11,202 lots. The price of the red metal has dropped below the 60-day moving average amid broader sell-offs and looks set to test support the RMB 49,000/mt mark for the near term.