SMM Brief on SHFE Copper Prices on Oct. 14

SHANGHAI, Oct. 14 (SMM) –As LME copper prices overnight closed lower, SHFE 1112 copper contract prices, the most active one, opened RMB 360/mt lower at RMB 54,400/mt on Friday. After the opening, SHFE three-month copper contract prices were pushed up to a high of RMB 55,380/mt as short-term long investors entered into the market. Later, after China announced that China’s September CPI data remained high, LME copper prices stopped around USD 7,400/mt. A 1% fall in Chinese stock markets imposed pressures on SHFE three-month copper contract prices, which fell to RMB 55,000/mt. And after that, short and long investors severely struggled at near RMB 56,000/mt. Finally, SHFE 1112 copper contract prices closed at RMB 56,010/mt, up RMB 1,250/mt or 2.28%. Positions for SHFE 1112 copper contracts were up 6,314 lots, and trading volumes were up 60,576 lots. SHFE copper prices will continue to look for solid support at RMB 54,000/mt.