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SMM Brief on SHFE Copper Prices on Sept. 8
Sep 8,2011 17:37CST
smm insight
Source:SMM
SHFE 1111 copper contract prices, the most active one, opened up RMB 630/mt at RMB 68,080/mt on Thursday.

SHANGHAI, Sept. 8 (SMM) –SHFE 1111 copper contract prices, the most active one, opened up RMB 630/mt at RMB 68,080/mt on Thursday. As LME copper prices continued to move lower after falling below USD 9,100/mt due to a slight rebound in the US dollar during the whole trading day, and since Chinese stock markets lost 2,500 points in the afternoon session, SHFE three-month copper contract prices met resistance to rebound, with the high-end only touching RMB 68,170/mt. Later, SHFE three-month copper contract prices moved downward further, and met pressures at the daily moving average, gradually narrowing the daily gains and dropping to RMB 67,710/mt in the afternoon session. Finally, SHFE 1111 copper contract prices closed at RMB 67,730/mt, up RMB 270/mt or 0.4%. Positions for SHFE 1111 copper contracts were down 9,100 lots, and trading volumes were down 43,696 lots. Markets were expected to keep cautious before the release of China’s CPI data for August.   
 

SHFE 1111 copper contract prices

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