SMM Brief on SHFE Copper Prices on Dec. 13

SHANGHAI, Dec. 13 (SMM) –As LME copper prices extended losses overnight, SHFE 1202 copper contract prices, the most active one, opened RMB 710/mt lower at RMB 56,260/mt Tuesday. SHFE three-month copper contract prices posted weak performance and fluctuated around the daily moving average of RMB 56,100/mt during the whole trading day, as the Shanghai Composite Index continued to close down by nearly 2%, with an intraday high at only RMB 56,360/mt. Finally, SHFE 1202 copper contract prices closed at RMB 56,120/mt, down RMB 850/mt or a loss of 1.49%. Positions for SHFE 1202 copper contracts were down 11,518 lots, and trading volumes were down 95,916 lots, highlighting the shift of the most actively-traded copper contracts. As market activity was light, copper prices are facing growing risks to fall further after falling below all moving averages.