Metals News
SMM Brief on SHFE Copper Prices on Jan. 13
smm insight

SHANGHAI, Jan. 13 (SMM) –As LME copper prices surged overnight, SHFE 1203 copper contract prices opened up by RMB 830/mt at RMB 57,880/mt Friday. SHFE three-month copper contract prices suffered position closing immediately after the opening, and basically fluctuated around the daily moving average of RMB 57,800/mt in the morning business, with a low at RMB 57,480/mt, as Chinese stock markets closed down by 1.5%. In the afternoon business, as LME copper prices rallied to USD 8,000/mt, SHFE three-month copper contract prices climbed to RMB 58,220/mt after breaking through RMB 58,000/mt. Finally, SHFE 1203 copper contract prices closed at RMB 58,000/mt, up RMB 950/mt, or a gain of 1.67%. Positions for SHFE 1203 copper contracts were up 31,856 lots, and trading volumes were up 196,000 lots. SHFE 1204 copper prices will likely become the most actively-traded copper contracts. Technical factors will restrict SHFE copper price gains in the coming week.  

SMM brief;SHFE copper prices
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