SMM Brief on Copper Futures on Aug. 24

SHANGHAI, Aug. 24 (SMM) –As LME copper prices held the gains on the previous trading day, SHFE 1111 copper contract prices, the most active one, opened up RMB 380/mt at RMB 66,730/mt on Wednesday. SHFE three-month copper contract prices moved lower after a high open during the whole trading day, with the resistance at the daily moving average. As LME copper prices moved downward due to the rising US dollar, and since Chinese stock markets turned to fall in the afternoon session, SHFE three-month copper contract prices narrowed the daily gains, dropping to a low at RMB 66,360/mt. Finally, SHFE 1111 copper contract prices closed at RMB 66,470/mt, up RMB 120/mt, or a gain of 0.18%. Positions for SHFE 1111 copper contracts were down 684 lots, and trading volumes were down 42,714 lots. Short-term speculators stayed out of the marekt temporarily. SHFE three-month copper contract prices have been fluctuating for nearly a week, tracking LME copper prices, and will continue to fluctuate around the 5 and 10-day moving averages for the foreseeable future.