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SMM Brief on SHFE Copper Prices on Oct. 10
Oct 10,2011 17:23CST
smm insight
Source:SMM
SHFE 1112 copper contract prices, the most active one, opened RMB 1,560/mt higher at RMB 55,060 on Monday.

SHANGHAI, Oct. 10 (SMM) –LME copper prices rallied after initially falling during China's National Day holiday period, with prices returning to USD 7,300/mt on Friday. SHFE 1112 copper contract prices, the most active one, opened RMB 1,560/mt higher at RMB 55,060 on Monday. After the opening, SHFE three-month copper contract climbed as high as RMB 55,740/mt after a severe struggle between long and short investors at near RMB 55,300/mt. However, LME copper prices later met resistance at high levels, and Chinese stock markets moved lower after a high open. Coupled with great selling pressures from domestic short investors, SHFE three-month copper contract fell back, sliding nearly RMB 1,000/mt before the midday and generally fluctuating around RMB 54,500/mt in the afternoon session. SHFE 1112 copper contract prices finally closed at RMB 54,480/mt, up RMB 980/mt or a gain of 1.83%. Positions for SHFE 1112 copper contracts were up 10,614 lots, while trading volumes were significantly down 64,084 lots. In addition, positions for SHFE 1201 copper contract were up 12,524 lots, but trading volumes were slightly down 3,318 lots. With severe struggle between long and short investors, SHFE copper prices would follow LME copper prices to look for support at the five-day moving average.    
 

SMM brief;SHFE copper prices

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