SMM Brief on SHFE Copper Prices on Nov. 10-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Nov. 10

SMM Insight 05:22:02PM Nov 10, 2011 Source:SMM

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.    

 

SMM Brief on SHFE Copper Prices on Nov. 10

SMM Insight 05:22:02PM Nov 10, 2011 Source:SMM

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.