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SMM Brief on SHFE Copper Prices on Sept. 27
Sep 27,2011 16:19CST
smm insight
Source:SMM
As LME copper prices stopped falling and began to rally on the previous trading day, SHFE 1112 copper contract prices, the most active one, opened up RMB 510/mt at RMB 55,550/mt on Tuesday.

SHANGHAI, Sept. 27(SMM) –As LME copper prices stopped falling and began to rally on the previous trading day, SHFE 1112 copper contract prices, the most active one, opened up RMB 510/mt at RMB 55,550/mt on Tuesday. After the opening, reduction in position holdings by shorts a day earlier pushed up SHFE three-month copper contract prices to an intraday high of RMB 55,900/mt, but longs’ wait-and-see stance kept price movements weak. Later, SHFE three-month copper contract prices dropped to RMB 55,000/mt and then followed LME copper prices to fluctuate widely, with a low reaching at RMB 54,320/mt. In the afternoon session, LME copper prices returned above USD 7,400/mt, and the Shanghai Composite Index closed nearly 1% higher. As some longs entered into the market, SHFE three-month copper contract prices tried to move towards the daily high of RMB 55,900/mt. However, on account of large-scale position closings by short-term longs, SHFE three-month copper contract prices slid after touching RMB 55,760/mt. Finally, SHFE 1112 copper contract prices closed at RMB 55,040/mt, down slightly and flat with the settlement price on the prior day. Positions for SHFE 1112 copper contracts were down 10,228 lots, while trading volumes were up 305,000 lots. SHFE three-month copper contract prices Tuesday experienced corrections following significant declines, but longs mainly made intraday operations due to cautious sentiment. Therefore, SMM held pessimistic attitudes towards future copper prices.

 

SMM brief;SHFE copper prices

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