SMM Brief on Copper Futures on Aug. 19

SHANGHAI, Aug. 19 (SMM) –As the European and American equity markets slid and LME copper prices tumbled overnight, SHFE 1111 copper contract prices, the most active one, opened down RMB 990/mt at RMB 65,980/mt on Friday, with prices fluctuating around the daily moving average during the whole trading day. SHFE three-month copper contract prices mainly fluctuated around RMB 66,200/mt, and the low level was at RMB 65,960/mt. The most actively-traded copper contract prices finally closed at RMB 66,350/mt, down RMB 620/mt or a loss of 0.93%. Positions for the most actively-traded copper contracts were up 16,292 lots, while trading volumes were down 15,698 lots. SHFE three-month copper contract prices declined slower than LME copper prices, with support at RMB 66,000/mt in the near term. Based on daily position holdings from the longs and shorts, shorts were slightly strong. SHFE three-month copper contract prices were expected to fluctuate further.