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SMM Brief on SHFE Copper Prices on Sept. 15
Sep 15,2011 17:21CST
smm insight
Source:SMM
SHFE 1111 copper contract prices, the most active one, opened down RMB 240/mt at RMB 65,340/mt on Thursday.

SHANGHAI, Sept. 15 (SMM) –SHFE 1111 copper contract prices, the most active one, opened down RMB 240/mt at RMB 65,340/mt on Thursday. In the morning business, as LME copper prices met resistance several times when trying to reach USD 8,700/mt, SHFE three-month copper contract prices suffered increasingly higher selling pressures and fell to a low of RMB 64,700/mt. However, SHFE three-month copper contract prices climbed to RMB 65,590/mt after the Shanghai Composite Index rallied to test 2,500 points. In the afternoon session, since the Shanghai Composite Index failed to reach 2,500 points, SHFE three-month copper contract prices lost support, and slid below the daily moving average. SHFE 1111 copper contract prices finished the day at RMB 65,080/mt, down RMB 500/mt or 0.76%. Positions for SHFE 1111 copper contracts were up 302 lots and trading volumes were down 39,182 lots, while positions and trading volumes for SHFE 1112 copper contracts were up 9,366 lots and 40,518 lots, respectively. The shift of the most actively-traded copper contracts was expected to be completed on Friday. Growth in short investors’ strength was still obvious. Recently, SHFE three-month copper contract prices kept fluctuating weakly due to impacts of macro environment, trying to search support near RMB 65,000/mt. SHFE three-month copper contract prices could find no support at any moving averages for the low-end, suggesting the market was oversold.                   
 

SMM brief;SHFE copper prices

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