SMM Brief on SHFE Copper Prices on Jan. 6

SHANGHAI, Jan. 6 (SMM) –SHFE 1203 copper contract prices, the most active one, opened down slightly by RMB 50/mt at RMB 55,780/mt Friday. After the opening, SHFE three-month copper contract prices followed LME copper prices to climb to a high of RMB 56,270/mt, but then fell rapidly after meeting resistance at the previous day’s high. SHFE three-month copper contract prices basically fluctuated around RMB 55,800/mt. Finally, SHFE 1203 copper contract prices settled at RMB 55,900/mt, up RMB 70/mt, or a gain of 0.13%. Positions for SHFE 1203 copper contracts were down 4,596 lots, while trading volumes were up 390 lots. With growing pressures at the 60-day moving average and good support at the low-end, SHFE three-month copper contract prices will continue to fluctuate in the RMB 55,000 -56,000/mt range over the near term.