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SMM Brief on SHFE Copper Prices on Oct. 26
Oct 26,2011 16:29CST
smm insight
Source:SMM
As LME copper prices surrendered some gains overnight, SHFE 1210 copper contract prices, the most active one, opened RMB 700/mt lower at RMB 55,700/mt on Wednesday.

SHANGHAI, Oct. 26 (SMM) –As LME copper prices surrendered some gains overnight, SHFE 1201 copper contract prices, the most active one, opened RMB 700/mt lower at RMB 55,700/mt on Wednesday. After the opening, short and long investors struggled between RMB 56,000/mt, and Chinese stock markets later continuously rebounded by 1%. LME copper prices rallied to USD 7,700/mt, helping SHFE three-month copper contract prices climb to RMB 57,750/mt in the afternoon session, but with resistance at the 30-day moving average. As LME copper prices slid by nearly USD 100/mt, SHFE three-month copper contract prices fell to fluctuate around RMB 57,000/mt. Finally, the most actively-traded copper contract prices closed at RMB 57,230/mt, up RMB 830/mt or a gain of 1.47%. Positions for the most actively-traded copper contracts were up 19,954 lots, and trading volumes were up 36,526 lots. Long and short investors had big disagreement before the EU summit was held, but short investors had more advantages, indicating growing overnight risks.
 

SHFE copper prices;SMM brief

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