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SMM Brief on SHFE Copper Prices on Sept. 21
Sep 21,2011 16:39CST
smm insight
Source:SMM
As LME copper prices continued to fall by USD 100/mt on the previous trading day, SHFE 1112 copper contract prices, the most active one, opened down RMB 370/mt at RMB 62,480/mt.

SHANGHAI, Sept. 21 (SMM) –As LME copper prices continued to fall by USD 100/mt on the previous trading day, SHFE 1112 copper contract prices, the most active one, opened down RMB 370/mt at RMB 62,480/mt on Wednesday. After opening, short investors continued to increase position holdings, pressuring down SHFE three-month copper contract prices, which fell to a new yearly low of RMB 61,830/mt. Later, LME copper prices rebounded slightly to challenge USD 8,400/mt, and the Shanghai Composite Index surged by more than 2.5% after breaking 2,500 points, helping SHFE three-month copper contract prices reverse earlier losses. However, since short investors again imposed pressures at above RMB 63,000/mt, SHFE three-month copper contract prices couldn’t move up further after touching RMB 63,000/mt, and basically fluctuated around RMB 62,950/mt in the afternoon session. Finally, SHFE 1112 copper contract prices ended the day at RMB 62,940/mt, up RMB 90/mt or a gain of 0.14%. Positions for SHFE 1112 copper contracts were up 5,602 lots, and trading volumes were up 127,000 lots. Investors were still awaiting the final decision of the US Federal Reserve meeting Wednesday evening, while SHFE three-month copper contract prices briefly found support at RMB 62,000/mt. 
 

SMM brief;SHFE copper prices

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