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SMM Brief on SHFE Copper Prices on Dec. 5
Dec 5,2011 16:32CST
smm insight
Source:SMM
SHFE 1202 copper contract prices, the most active one, opened at RMB 58,520/mt on Monday, up RMB 800/mt above the 60-day moving average.

SHANGHAI, Dec. 5 (SMM) –SHFE 1202 copper contract prices, the most active one, opened at RMB 58,520/mt on Monday, up RMB 800/mt above the 60-day moving average. After the opening, SHFE three-month copper contract prices rose rapidly to an intraday high of RMB 58,600/mt before falling back. As Chinese stock markets moved lower immediately after the opening, SHFE three-month copper contract prices failed to rally and kept fluctuating, with resistance at the daily moving average. LME copper prices fluctuated narrowly in the USD 7,850-7,890/mt range in the session on the SHFE. Finally, SHFE 1202 copper contract prices closed above the 60-day moving average, at RMB 57,960/mt, up RMB 240/mt or 0.42%. Positions for SHFE 1202 copper contracts were up 1,836 lots, while trading volumes were down 120,000 lots, and about 16,000 positions were closed within ten minutes before the market was closed. Due to unstable market sentiment, SHFE copper prices will continue to test the 60-day moving average.    
 

SMM brief;SHFE copper prices

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