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SMM Brief on SHFE Copper Prices on Sept. 28
Sep 28,2011 16:01CST
smm insight
Source:SMM
SHFE 1112 copper contract prices, the most active one, opened slightly up RMB 70/mt at RMB 55,210/mt on Wednesday.

SHANGHAI, Sept. 28 (SMM) –SHFE 1112 copper contract prices, the most active one, opened slightly up RMB 70/mt at RMB 55,210/mt on Wednesday. After the opening, short-term longs increased purchases, helping SHFE three-month copper contract prices touch an intraday high of RMB 55,770/mt. However, as LME copper prices fell back, SHFE three-month copper contract prices failed to rebound. Coupled with a damp from the shorts, SHFE three-month copper contract prices already dropped below the daily moving average during major trading hours, posting weak movements. In the afternoon session, since the Shanghai Composite Index slid and lost 2,400 points, and since LME copper prices lowered to test USD 7,300/mt, SHFE three-month copper contract prices drifted down to RMB 54,000/mt, with a low reaching at RMB 53,500/mt. At the tail of trading, large-scale position closings helped SHFE three-month copper contract prices reverse earlier losses and gradually return to previous-session levels. Finally, SHFE 1112 copper contract prices closed at RMB 55,170/mt, up RMB 30/mt, or a gain of 0.05%. Positions for SHFE 1112 copper contracts were up 17,976 lots, and trading volumes were up 53,486 lots. Despite disagreement among longs and shorts, bearish sentiment was persistent. Together with increasing pressures at the daily moving average and downside technical indicators, a rally in SHFE copper prices seemed to be just temporary.         

 

SMM brief;SHFE copper prices

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