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SMM Brief on SHFE Copper Prices on Oct. 14
Oct 14,2011 17:32CST
smm insight
Source: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.

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.  
 

SMM brief;SHFE copper prices

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