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SMM Brief on Copper Futures on Aug. 26
Aug 26,2011 17:25CST
smm insight
Source:SMM
As LME copper prices surged on the previous trading day, SHFE 1111 copper contract prices, the most active one, opened up RMB 500/mt at RMB 67,300/mt on Friday.

SHANGHAI, Aug. 26 (SMM) –As LME copper prices surged on the previous trading day, SHFE 1111 copper contract prices, the most active one, opened up RMB 500/mt at RMB 67,300/mt on Friday. After opening, SHFE three-month copper contract prices narrowly fluctuated around the daily moving average, and met resistance during major trading hours. As a result, SHFE three-month copper contract prices fell below RMB 67,000/mt, falling to a low RMB 66,820/mt. In the afternoon session, as LME copper prices tried to move toward USD 9,000/mt due to a slump in the US dollar, SHFE three-month copper contract prices touched an intraday high of RMB 67,570/mt. Finally, SHFE 1111 copper contract prices closed at RMB 67,440/mt, up RMB 640/mt or a gain of 0.96%. Positions for SHFE 1111 copper contracts were down 3,604 lots, while trading volumes were up 41,492 lots. Despite a high close, SHFE three-month copper contract prices were expected to fluctuate further, as long investors were awaiting the Fed chairman Ben Bernanke’s speech at the central bank's symposium on Friday evening.

 

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