Home / Metal News / Aluminium / SMM Brief on Copper Futures on Aug. 29
SMM Brief on Copper Futures on Aug. 29
Aug 29,2011 16:18CST
smm insight
Source:SMM
As LME copper prices closed higher last Friday, SHFE 1111 copper contract prices, the most active one, opened up RMB 160/mt at RMB 67,350/mt on Monday.

SHANGHAI, Aug. 29 (SMM) –As LME copper prices closed higher last Friday, SHFE 1111 copper contract prices, the most active one, opened up RMB 160/mt at RMB 67,350/mt on Monday. Due to a close on the LME copper market, SHFE three-month copper contract prices lacked guidance. There was news that China's Central Bank planed to guarantee deposits in commercial banks into the deposit reserve range in a bid to control domestic inflation, so Chinese stock markets fluctuated after opening significantly lower. In response, SHFE three-month copper contract prices met resistance immediately after the opening, and fell to an intraday low of RMB 67,060/mt. However, as buying force increased near RMB 67,000/mt from shorts, SHFE three-month copper contract prices advance and broke the resistance at RMB 67,500/mt after the midday, reaching to a high RMB 67,630/mt. Finally, SHFE 1111 copper contract prices closed at RMB 67,610/mt, up RMB 420/mt, or a gain of 0.63%. Positions for SHFE 1111 copper contracts were down 66 lots, and trading volumes were down 69,874 lots. Given the close on the LME copper market, speculators kept cautious towards trading, and almost all short-term longs chose to close positions, as they would make further judgments after the LME copper market was open again.     
 

copper prices;SMM brief

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news