SMM Brief on SHFE Copper Prices on Jan. 6-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jan. 6

SMM Insight 04:20:00PM Jan 06, 2012 Source:SMM

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.  
 

Price

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1# Silver ingots(99.99%)
May.22
3489.0
2.0
(0.06%)
2# Silver ingots(99.95%)
May.22
3474.0
2.0
(0.06%)
3# Silver ingots(99.90%)
May.22
3459.0
2.0
(0.06%)
Gold(99.99%)
May.22
286.1
-0.1
(-0.03%)
Gold(99.95%)
May.22
286.1
-0.1
(-0.05%)

SMM Brief on SHFE Copper Prices on Jan. 6

SMM Insight 04:20:00PM Jan 06, 2012 Source:SMM

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.