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SMM Brief on SHFE Copper Prices on Dec. 26
Dec 26,2011 15:39CST
smm insight
Source:SMM
As LME copper prices closed with gains last Friday, SHFE 1203 copper contract prices, the most active one, opened slightly up by RMB 400/mt at RMB 55,870/mt Monday.

SHANGHAI, Dec. 26 (SMM) –As LME copper prices closed with gains last Friday, SHFE 1203 copper contract prices, the most active one, opened slightly up by RMB 400/mt at RMB 55,870/mt Monday. The LME market was closed for the Christmas holiday. Without guidance from LME copper prices, SHFE three-month copper contract prices were mainly impacted from Chinese stock markets and capitals. As Chinese stock markets met resistance at 2,200 points, and as very fewer short-term long and short investors chose to enter the market during the whole trading day, SHFE three-month copper contract prices moved lower after a high open, with the highest price only reaching RMB 55,940/mt. In the afternoon business, SHFE three-month copper contract prices came under pressure at the daily moving average and slid to an intraday low at RMB 55,060/mt. Finally, SHFE 1203 copper contract prices settled at RMB 55,200/mt, down RMB 270/mt or 0.49%. Positions for SHFE 1203 copper contracts were up 1,608 lots, and trading volumes were up 4,558 lots. SHFE copper prices are unlikely to break out resistance at RMB 56,000/mt over the near term due to year-end tight cash flows. 
 

SMM brief;SHFE copper prices

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