SMM Brief on SHFE Copper Prices on Dec. 27

SHANGHAI, Dec. 27 (SMM) –SHFE 1203 copper contract prices, the most active one, opened down by RMB 290/mt at RMB 55,100/mt Tuesday. After the opening, SHFE three-month copper contract prices were temporarily pushed up to a level below the 30-day moving average after some short investors reported profit-taking, but met resistance at a high of RMB 55,380/mt. As the Shanghai Composite Index came under pressure at 2,200 points, SHFE three-month copper contract prices posted weak performance and fluctuated around the daily moving average of RMB 55,150/mt during the whole trading day. Finally, SHFE 1203 copper contract prices closed at RMB 55,050/mt, down RMB 340/mt or 0.61%. Positions for SHFE 1203 copper contracts were down 456 lots, and trading volumes were down 83,252 lots. Owing to increasing pressures at the 5-day moving average of RMB 55,100/mt, copper became the only base metal that closed with losses on the SHFE market Tuesday. Intraday operations from long and short investors continued to fall, waiting for more guidance from LME copper prices after the LME market is open.