SMM Brief on SHFE Copper Prices on Dec. 23

SHANGHAI, Dec. 23 (SMM) –As LME copper prices closed with gains overnight, SHFE 1203 copper contract prices opened up by RMB 570/mt at RMB 55,150/mt Friday. SHFE three-month copper contract prices moved higher after the opening and broke out resistance at RMB 55,500/mt, while increasing Chinese stock markets also provided support. SHFE three-month copper contract prices climbed to a high of RMB 55,880/mt after LME copper prices moved higher to test USD 7,600/mt in the afternoon session. Finally, SHFE 1203 copper contract prices closed at RMB 55,850/mt, up RMB 1,270/mt or 2.33%. Positions for SHFE 1203 copper contracts were up 4,816 lots, while trading volumes were down 64,904/mt. More long investors entered the market after SHFE copper prices broke out resistance at the RMB 55,000/mt level, but support at moving averages will be tested for the foreseeable future.