SMM Brief on SHFE Copper Prices on Dec. 1

SHANGHAI, Dec. 1 (SMM) –As LME copper prices surged significantly overnight, SHFE 1202 copper contract prices, the most active one, opened at their daily upper trade limit of RMB 58,180/mt on Thursday. After the opening, as both long and short investors closed positions on a large-scale, SHFE three-month copper contract prices fell below the daily upper trade limit and fluctuated narrowly around the RMB 58,000/mt level. Finally, SHFE 1202 copper contract prices closed at RMB 57,960/mt, up RMB 3,070/mt or a gain of 5.59%. Positions for SHFE 1202 copper contracts were down 79,838 lots, and trading volumes were down 128,000 lots. As technical indicators are pointing upward, SHFE copper prices will continue to rebound in the near term.