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SMM Brief on SHFE Copper Prices on Nov. 17
Nov 17,2011 16:04CST
smm insight
Source:SMM
SHFE 1201 copper contract prices followed LME copper prices to open slightly down by 230/mt at RMB 56,980/mt on Thursday.

SHANGHAI, Nov. 17 (SMM) –SHFE 1201 copper contract prices followed LME copper prices to open slightly down by 230/mt at RMB 56,980/mt on Thursday. After the opening, SHFE three-month copper contract prices extended losses on the prior day and temporarily tested support at RMB 56,000/mt, but met profit-taking by short investors after falling to RMB 55,920/mt. As a result, downside pressures eased and SHFE three-month copper contract prices tracked rising LME and Chinese stocks prices to gradually return above RMB 57,000/mt, and climbed to RMB 57,420/mt in the afternoon session. At the tail of trading, SHFE copper prices lost rising momentum as short-term speculators left the market, and SHFE 1201 copper contract prices finally closed at RMB 57,010/mt, down RMB 200/mt or 0.35%. SHFE 1202 copper contract prices were RMB 55,610/mt at the low-end and RMB 57,130 at the high-end, and finally ended at RMB 56,680/mt, down RMB 270/mt. Positions and trading volumes for SHFE 1201 copper contracts were down 47,470 lots and 160,000 lots, respectively, while positions and trading volumes for SHFE 1202 copper contracts were up 23,690 lots and 339,000 lots, respectively, a signal of the competition of the shift of the most actively-traded copper contracts. SHFE copper prices will continue to test the 30-day moving average in the near term.         
 

SMM brief;SHFE copper prices

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