SMM Brief on SHFE Copper Prices on Nov. 10

SHANGHAI, Nov. 10 (SMM) –As LME copper prices slumped overnight, SHFE 1201 copper contract prices, the most active one, opened 2,360/mt down at RMB 55,980/mt on Thursday. After the opening, SHFE three-month copper contract prices slid quickly and directly tested support at RMB 55,000/mt. Since Chinese stock markets continued to plummet after a low open, down by 2%, SHFE three-month copper contract prices only fluctuated around the RMB 55,000/mt mark before falling by their daily limit at the tail of trading. Finally, SHFE 1201 copper contract prices closed at RMB 54,830/mt, down RMB 3,510/mt, or a loss of 6.02%. Positions for SHFE 1201 copper contracts were up 17,542 lots, while trading volumes were down 479,000 lots. SHFE copper prices will extend the fluctuation for the foreseeable future.