SMM Brief on SHFE Copper Prices on Dec. 21

SHANGHAI, Dec. 21 (SMM) –As LME copper prices surged by more than USD 100/mt overnight, SHFE 1203 copper contract prices opened slightly up by RMB 980/mt at RMB 54,590/mt Wednesday. SHFE three-month copper contract prices fluctuated around the opening price during the whole trading day, with a fluctuating band only within RMB 300/mt. Chinese stock markets lost 2,200 points again, weighing down SHFE copper prices. Finally, SHFE 1203 copper contract prices settled at RMB 54,620/mt, up RMB 1,010/mt, or a gain of 1.88%. Positions for SHFE 1203 copper contracts were down 10,436 lots, and trading volumes were down nearly 120,000 lots. Markets still kept cautious after copper prices rebounded for two consecutive days. Short-term investors' buying interest waned while awaiting guidance from news and data in the US and Europe.