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SMM Brief on SHFE Copper Prices on Nov. 15
Nov 15,2011 17:36CST
smm insight
Source:SMM
As LME copper prices pared gains overnight, SHFE 1201 copper contract prices opened 450/mt lower at RMB 57,520/mt on Tuesday.

SHANGHAI, Nov. 15 (SMM) –As LME copper prices pared gains overnight, SHFE 1201 copper contract prices opened 450/mt lower at RMB 57,520/mt on Tuesday. After the opening, SHFE three-month copper contract prices drifter lower and met resistance at the daily moving average due to great selling pressures, with a low touching RMB 57,120/mt in the afternoon session. However, due to support at RMB 57,000/mt and increasing establishment of new positions at this price mark, and since LME copper prices experienced a round of increases and the Shanghai Composite Index also reversed earlier declines, SHFE three-month copper contract prices returned to near the daily moving average of RMB 57,500/mt and fluctuated widely around this price mark. Finally, SHFE 1201 copper contract prices closed at RMB 57,490/mt, down RMB 480/mt or 0.83%. Positions for SHFE 1201 copper contracts were down 5,390 lots, and trading volumes were down 180,000 lots, while positions for SHFE 1202 copper contracts were up 12,618 lots, suggesting the shift of the most actively-traded copper contracts. SHFE copper prices still meet resistance at the 10-day moving average of RMB 57,500/mt.    
 

SHFE copper prices

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