SMM Brief on Copper Futures on Aug. 22

SHANGHAI, Aug. 22 (SMM) –SHFE 1111 copper contract prices, the most active one, opened slightly up RMB 150/mt at RMB 66,350/mt on Monday, tracking LME copper prices to fall after initially increasing during the whole trading day. Due to resistance at RMB 67,000/mt, SHFE three-month copper contract prices gained the falling pace after the major trading hours in the morning business. As China's Shanghai Composite Index slid near 2,500 points, SHFE three-month copper contract prices reversed the earlier gains at the tail of trading, falling to a low RMB 65,900/mt. Finally, the most actively-traded copper contract prices closed at a recent low RMB 65,910/mt, down RMB 290/mt or 0.44%. Positions for the most actively-traded copper contracts were down 1,068 lots, while trading volumes were up 4,594 lots. Based on data, the daily trading volumes for SHFE copper were down for a fourth consecutive day, and mid-term speculative funds also had signs of withdrawing the markets. As a result, SHFE three-month copper contract prices were expected to remain fluctuating in the short term, with strong resistance at the daily moving average.