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SMM Brief on SHFE Copper Prices on Oct. 19
Oct 19,2011 17:08CST
smm insight
Source:SMM
As LME copper prices overnight narrowed losses, SHFE 1112 copper contract prices opened RMB 260/mt higher at RMB 54,810/mt on Wednesday.

SHANGHAI, Oct. 19 (SMM) –As LME copper prices overnight narrowed losses, SHFE 1112 copper contract prices opened RMB 260/mt higher at RMB 54,810/mt on Wednesday. After the opening, SHFE three-month copper contract prices met resistance after briefly reaching to a high of RMB 55,300/mt, and then long and short investors severely struggled at the RMB 55,000/mt level. Near the closing time of midday, Shanghai rubber on the Shanghai Futures Exchange took a lead in declines, sliding by 5%, causing SHFE three-month copper contract prices to fall by nearly RMB 500/mt. In the afternoon session, as the Shanghai Composite Index was pressured at 2,400 points and short investors took the opportunity to enter into the market, and since LME copper prices already fell below the support of 10-day moving average, SHFE three-month copper contract prices declined to a low of RMB 53,870/mt after sliding below the RMB 54,000/mt mark. However, SHFE three-month copper contract prices narrowed losses at the tail of trading after short investors reported profit-taking. Finally, SHFE 1112 copper contract prices closed at RMB 54,300/mt, down RMB 250/mt or a loss of 0.46%. Positions for SHFE 1112 copper contracts were down 33,900 lots and trading volumes were down 116,000 lots, while positions and trading volumes for SHFE 1201 copper contracts were up 30,630 lots and 271,000 lots, completing the shift of the most actively-traded copper contracts. SHFE copper prices remained weak than LME copper prices, with the 5- and 10-day moving averages becoming the recent new technical resistance.  
 

SHFE copper prices; LME copper prices

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