SMM Brief on SHFE Copper Prices on Nov. 21

SHANGHAI, Nov. 21 (SMM) –SHFE 1202 copper contract prices, the most active one, opened down by 460/mt at RMB 54,800/mt on Monday. SHFE three-month copper contract prices fluctuated widely around the daily moving average of RMB 55,000/mt during the whole trading day, with an intraday low at RMB 54,660/mt and an intraday high at RMB 55,350/mt. Finally, SHFE 1202 copper contract prices closed at RMB 55,090/mt, down RMB 170/mt or a loss of 0.31%. Positions for SHFE 1202 copper contracts were up 29,272 lots, while trading volumes were down 212,000 lots, with market interest in intraday operation weakening. As the struggle between short and long investors became more severe, SHFE copper prices came under great pressure at technical indicators.