SMM Brief on SHFE Copper Prices on Jan. 5

SHANGHAI, Jan. 5 (SMM) –As LME copper prices expanded losses overnight, SHFE 1203 copper contract prices, the most active one, opened down by RMB 730/mt at RMB 55,420/mt Thursday. After the opening, SHFE three-month copper contract prices moved higher after falling to RMB 55,300/mt since LME copper prices rallied to the USD 7,600/mt level, breaking resistance at the 60-day moving average and gradually narrowing declines. However, as Chinese stock markets closed down by nearly 1% and moved towards late December’s low, SHFE three-month copper contract prices struggled at RMB 56,000/mt and only reached a high of RMB 56,180/mt. Finally, SHFE 1203 copper contract prices closed at RMB 56,050/mt, down slightly by RMB 90/mt, or a loss of 0.16%. Positions for SHFE 1203 copper contracts were up 764 lots, and trading volumes were up 34,298 lots. SHFE copper prices remained fluctuating.