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SMM Brief on SHFE Copper Prices on Nov. 14
Nov 14,2011 17:47CST
smm insight
Source:SMM
As LME copper prices closed significantly higher last Friday, SHFE 1201 copper contract prices, the most active one, opened 1,570/mt up at RMB 57,030/mt on Monday.

SHANGHAI, Nov. 14 (SMM) –As LME copper prices closed significantly higher last Friday, SHFE 1201 copper contract prices, the most active one, opened 1,570/mt up at RMB 57,030/mt on Monday. After the opening, SHFE three-month copper contract prices edged up due to large-scale position closings by short investors, with a low only touching RMB 56,920/mt. Near the midday, since LME copper prices broke out USD 7,900/mt and since Chinese stock markets surged by 2%, SHFE three-month copper contract prices climbed up to the upper daily trade limit of RMB 58,780/mt. But due to profit-taking by long investors, positions for SHFE three-month copper contracts were down 4,000 lots from earlier increases of nearly 20,000 lots, leading the prices to fluctuate narrowly around RMB 58,500/mt in the afternoon session. Finally, SHFE 1201 copper contract prices closed at RMB 58,430/mt, up RMB 2,970/mt or 5.36%. Positions for SHFE 1201 copper contracts were down 15,576 lots, while trading volumes were slightly down 500 lots. Short and long investors still kept cautious towards building positions for fear of overnight risks, with intraday operation increasing. SHFE copper prices moved higher after a high open on Monday, a signal of stabilizing following the price declines, but with strong resistance at RMB 59,000/mt.    




 

SHFE copper prices

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