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SMM Brief on Copper Futures on Aug. 10
Aug 10,2011 16:25CST
smm insight
Source:SMM
As LME copper prices opened higher today after stabilizing overnight, SHFE 1110 copper contract prices opened up RMB 2,170/mt at RMB 67,000/mt on Wednesday.

SHANGHAI, Aug. 10 (SMM) –As LME copper prices opened higher today after stabilizing overnight, SHFE 1110 copper contract prices opened up RMB 2,170/mt at RMB 67,000/mt on Wednesday. SHFE three-month copper contract prices tried several times to move higher in the morning business, but failed after touching an intraday high RMB 67,360/mt, due to pressures at the daily moving average. Coupled with downside movements in domestic stock markets in the afternoon session, SHFE three-month copper contract prices basically fluctuated below the daily moving average, reaching a low level at RMB 66,550/mt. Since large short-term speculative funds left the market at the tail of trading, SHFE three-month copper contract prices broke the resistance of daily moving average. Finally, SHFE 1110 copper contract prices closed at RMB 67,090/mt, up RMB 2,260/mt, or a gain of 3.49%. Positions for SHFE 1110 copper contracts were down 2,124 lots, and trading volumes were down 144,000 lots, while positions for SHFE 1111 copper contracts were up 8,792 lots, suggesting cautious market transactions, as both the longs and shorts need further confirmation on whether or not SHFE copper prices will extend the rebound.     
 

SMM brief;copper futures

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