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SMM Brief on SHFE Copper Prices on Dec. 23
Dec 23,2011 17:49CST
smm insight
Source: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.

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.
 

SMM brief;SHFE copper prices

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