SMM Brief on SHFE Copper Prices on Dec. 8

SHANGHAI, Dec. 8 (SMM) –SHFE 1202 copper contract prices, the most active one, opened RMB 220/mt lower at RMB 57,830/mt Thursday, and narrowly fluctuated around this price mark during the whole trading day. SHFE three-month copper contract prices came under great pressure at the RMB 58,000/mt level at the high-end, and fell to RMB 57,580/mt at the low-end. Finally, SHFE 1202 copper contract prices closed at RMB 57,860/mt, down RMB 190/mt or 0.33%. Positions for SHFE 1202 copper contracts were down 9,282 lots, while trading volumes were up 25,399 lots. Short investors closed positions on a large scale at low price levels to avoid risks while awaiting the result of the EU summit, so SHFE copper prices still faced great resistance at the 5-day moving average.