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SMM Brief on SHFE Copper Prices on Sept. 19
Sep 19,2011 17:20CST
smm insight
Source:SMM
As LME copper prices fell back on the previous trading day, SHFE 1112 copper contract prices, the most active one, opened down RMB 700/mt at RMB 64,850/mt on Monday.

SHANGHAI, Sept. 19 (SMM) –As LME copper prices fell back on the previous trading day, SHFE 1112 copper contract prices, the most active one, opened down RMB 700/mt at RMB 64,850/mt on Monday. Since LME copper prices directly lowered to test USD 8,500/mt after sliding below USD 8,600/mt, SHFE three-month copper contract prices moved lower after a down open, and were pressured at the daily moving average, with an intraday high of only RMB 64,940/mt. A nearly 2% drop in the Shanghai Composite Index worsened already weak SHFE three-month copper contract prices, and coupled with the fact that LME copper prices lost USD 8,500/mt at the tail of trading, SHFE three-month copper contract prices suffered aggressive selling pressures and fell to a yearly low of RMB 63,310/mt. Finally, SHFE 1112 copper contract prices closed at RMB 63,370/mt, down RMB 2,180/mt or a loss of 3.33%. Positions for SHFE 1112 copper contracts were up 38,726 lots, and trading volumes were up 140,000 lots. With short investors' selling pressures gathering and downside technical indicators, SHFE three-month copper contract prices were expected to move lower.
 

SMM brief;SHFE 1112 copper contract prices

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