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SMM Brief on Copper Futures on Aug. 17
Aug 17,2011 17:24CST
smm insight
Source:SMM
SHFE 1111 copper contract prices opened down RMB 320/mt at RMB 66,430/mt on Wednesday.

SHANGHAI, Aug. 17 (SMM) –SHFE 1111 copper contract prices opened down RMB 320/mt at RMB 66,430/mt on Wednesday. As LME copper prices moved higher due to a falling US dollar index, SHFE three-month copper contract prices moved upward after the opening. The longs entered into the market, but due to weak domestic stock markets, the resistance at the 5-day moving average of RMB 66,750/mt, the shorts increased sell-off pressures at around RMB 67,000/mt. In this context, SHFE three-month copper contract prices met pressure at Tuesday’s settlement prices RMB 66,750/mt before the midday, and widely fluctuated around the price mark. In the afternoon session, SHFE three-month copper contract prices jumped above RMB 67,000/mt after LME copper prices increased above USD 8,900/mt, reaching as high as RMB 67,130/mt. Due to withdrawal of speculative funds, the most actively-traded copper contract prices closed at RMB 66,800/mt, up RMB 50/mt or a gain of 0.07%. Positions and trading volumes for the most actively-traded copper contracts were up 7,692 lots and 29,606 lots, respectively, while positions for SHFE 1110 copper contract prices were significantly down 15,558 lots. Investors made intraday operation since they were unsure about future copper prices. With growing risks, SHFE three-month copper contract prices will fluctuate further.    

 

SMM brief;copper prices

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