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SMM Brief on Copper Futures on Aug. 2
Aug 2,2011 16:47CST
smm insight
Source:SMM
As LME copper prices slumped overnight, SHFE 1110 copper contract prices, the most active one, opened down RMB 980/mt at RMB 72,410/mt on Tuesday.

SHANGHAI, Aug. 2 (SMM) –As LME copper prices slumped overnight, SHFE 1110 copper contract prices, the most active one, opened down RMB 980/mt at RMB 72,410/mt on Tuesday. After opening, both the longs and shorts closed positions in a large scale. Coupled with the resistance at USD 9,700/mt for LME copper prices and a nearly 2% slump in the Shanghai Composite Index, SHFE copper prices lost RMB 72,000/mt during the trading hours, declining as low as RMB 71,930/mt, with the fluctuating band within RMB 200/mt. Finally, the most actively-traded copper contract prices closed at RMB 72,010/mt, down RMB 1,380/mt or a loss of 1.88%. Positions for the most actively-traded copper contracts were down 10,238 lots and trading volumes were down 18,576 lots. The support at the 20-day moving average was weak, but earlier low-end SHFE copper prices were not broken through, with slower declining pace.
 

SMM brief on copper futures

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