Metals News
SMM Brief on SHFE Copper Prices on Jan. 10
smm insight

SHANGHAI, Jan. 10 (SMM) –SHFE 1203 copper contract prices, the most active one, opened up slightly by RMB 330/mt at RMB 55,680/mt Tuesday. After the opening, SHFE three-month copper contract prices continued to slide owing to prevailing resistance, testing support at the 20-day moving average and falling to a low of RMB 55,110/mt. Near the midday, China announced the country’s exports of unwrought copper and copper semis for December 2011 reached to a record high MoM, lifting SHFE three-month copper contract prices. In the afternoon session, as LME copper prices broke out USD 7,600/mt, and as Chinese stock markets surged by 3%, SHFE three-month copper contract prices rose rapidly to above RMB 56,000/mt, with an intraday high at RMB 56,130/mt. However, as short investors began to buy at this price mark, SHFE three-month copper contract prices lacked upward momentum and narrowly fluctuated below it. At the tail of trading, short-term investors closed positions on a large scale, causing SHFE copper prices to give up earlier gains. Finally, SHFE 1203 copper contract prices closed at RMB 55,870/mt, up RMB 520/mt or 0.94%. Positions for SHFE 1203 copper contracts were down 8,678 lots, and trading volumes were down 38,890 lots. As long investors lacked interest in keeping up rising prices, SHFE copper prices are still facing resistance at RMB 56,000/mt. 

SMM brief;SHFE copper prices
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