SMM Brief on SHFE Copper Prices on Jan. 18

SHANGHAI, Jan. 18 (SMM) –SHFE 1204 copper contract prices, the most active one, opened up by RMB 410/mt at RMB 59,800/mt Wednesday. SHFE three-month copper contract prices fluctuated around RMB 59,700/mt during the whole trading day, with persistent resistance at RMB 60,000/mt and a low at RMB 59,330/mt. At the tail of trading, as Chinese stock markets closed down by 1.4%, and combined with large-scale position closings, SHFE three-month copper contract prices lost support immediately and slid considerably. Finally, SHFE 1204 copper contract prices settled at RMB 59,450/mt, up RMB 60/mt or 0.1%. Positions for SHFE 1204 copper contracts were up 4,274 lots, while trading volumes were down 132,000 lots. SHFE copper prices are expected to fluctuate at current levels as the Chinese New Year holiday nears, with great pressures at RMB 60,000/mt.