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SMM Brief on SHFE Copper Prices on Sept. 6
Sep 6,2011 16:28CST
smm insight
Source:SMM
SHFE 1111 copper contract prices, the most active one, opened down RMB 400/mt at RMB 67,100/mt on Tuesday.

SHANGHAI, Sept. 6 (SMM) –SHFE 1111 copper contract prices, the most active one, opened down RMB 400/mt at RMB 67,100/mt on Tuesday. Since LME copper prices fell below USD 8,900/mt after breaking through USD 9,000/mt on the previous trading day, SHFE three-month copper contract prices moved lower during the major trading hours following fluctuations due to pressures, but the decline eased after touching the RMB 66,400/mt mark, with a low of RMB 66,330/mt. At the tail of trading, SHFE three-month copper contract prices gradually narrowed daily declines after LME copper prices rebounded. Finally, the most actively-traded copper contract prices closed at RMB 67,000/mt, down RMB 500/mt or a loss of 0.74%. Positions for the most actively-traded copper contracts were up 4,258 lots, and trading volumes were up 65,434 lots. After closing down for four consecutive days, and since trading volumes increased significantly, SHFE three-month copper contract prices gradually quickened the pace of falling. With pressures gathering at the moving averages, SHFE three-month copper contract prices would look for a support at RMB 66,000/mt in the near term. 
 

SMM brief;SHFE 1111 copper contract prices

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