Home / Metal News / Tin / SMM Brief on Copper Futures on Aug. 15
SMM Brief on Copper Futures on Aug. 15
Aug 15,2011 16:06CST
smm insight
Source:SMM
SHFE 1110 copper contract prices, the most active one, opened slightly up RMB 170/mt at RMB 67,100/mt on Monday.

SHANGHAI, Aug. 15 (SMM) –SHFE 1110 copper contract prices, the most active one, opened slightly up RMB 170/mt at RMB 67,100/mt on Monday. SHFE copper prices earlier tracked LME copper prices to fluctuate around the daily moving average. Later, SHFE three-month copper contract prices were pushed towards RMB 67,500/mt by the longs, but failed to reach this price mark. Some profit-taking at RMB 67,670/mt weighed down SHFE three-month copper prices, which fell to RMB 66,960/mt. Due to rallies in China’s stock markets and LME copper prices in the afternoon session, SHFE three-month copper prices returned to fluctuate around the daily moving average. SHFE 1110 copper contract prices finally closed at RMB 67,300/mt, up RMB 370/mt or a gain of 0.55%. Positions and trading volumes for SHFE 1110 copper contracts were down 15,512 lots and 20,192 lots, respectively, while positions and trading volumes for SHFE 1111 copper contracts were up 6,364 lots and 18,636 lots, respectively, a sign of the shift of the most actively-traded copper contracts. SHFE three-month copper contract prices moved above the 5-day moving average during the whole trading day, and the shorts closed positions at low prices. Intraday speculative activities remained brisk, but capital inflows eased markedly. Therefore, SHFE three-month copper contract prices will continue to fluctuate in the future, if there is no buying support.            
 

SMM brief;copper prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn