SMM Brief on SHFE Copper Prices on Dec. 22

SHANGHAI, Dec. 22 (SMM) –SHFE 1203 copper contract prices opened slightly down by RMB 80/mt at RMB 54,460/mt Thursday. SHFE three-month copper contract prices got temporary support at the 5-day moving average of RMB 54,299/mt after the opening, and were pushed up to a high of RMB 54,850/mt near the midday. In the afternoon session, SHFE three-month copper contract prices followed LME copper prices to rise further, but met resistance after touching the RMB 55,000/mt level at the tail of trading. Finally, SHFE 1203 copper contract prices closed at RMB 54,870/mt, up RMB 330/mt or 0.61%. Positions for SHFE 1203 copper contracts were down 2,660 lots, while trading volumes were up 80,746 lots. SHFE copper prices were restricted between the 5- and 10-day moving averages during the trading day, and tried to break out resistance at RMB 55,000/mt.