SMM Brief on SHFE Copper Prices on Feb. 3-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 3

SMM Insight 04:24:12PM Feb 03, 2012 Source:SMM

SHANGHAI, Feb. 3 (SMM) –As LME copper prices remained weak overnight, SHFE 1204 copper contract prices, the most active one, opened RMB 360/mt lower at RMB 59,500/mt Friday, and fluctuated around this price mark after the opening. Short investors then made profit-taking, helping SHFE three-month copper contract prices move higher. In the afternoon business, as Chinese stock markets reversed declines and increased by 1%, and as LME copper prices rallied to near USD 8,400/mt, SHFE three-month copper contract prices rose but still met resistance at RMB 60,000/mt. Owing to position closings at the tail of trading, SHFE three-month copper contract prices lost support and retreated to early trading session levels, with an intraday high at RMB 60,060/mt. Finally, SHFE 1204 copper contract prices closed at RMB 59,820/mt, down RMB 40/mt or 0.07%. Positions for SHFE 1204 copper contracts were down 9,568 lots, and trading volumes were down 90,464 lots. SHFE copper prices will continue to fluctuate due to great pressures at the 5- and 10-day moving averages.
 

Price

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Aluminum Ingot
Apr.19
14050.0
40.0
(0.29%)
Alumina (Averaged)
Apr.19
2665.0
0.0
(0.00%)
Alumina-East
Apr.19
2680.0
0.0
(0.00%)
Alumina -Central
Apr.19
2670.0
0.0
(0.00%)
Alumina - North
Apr.19
2660.0
0.0
(0.00%)

SMM Brief on SHFE Copper Prices on Feb. 3

SMM Insight 04:24:12PM Feb 03, 2012 Source:SMM

SHANGHAI, Feb. 3 (SMM) –As LME copper prices remained weak overnight, SHFE 1204 copper contract prices, the most active one, opened RMB 360/mt lower at RMB 59,500/mt Friday, and fluctuated around this price mark after the opening. Short investors then made profit-taking, helping SHFE three-month copper contract prices move higher. In the afternoon business, as Chinese stock markets reversed declines and increased by 1%, and as LME copper prices rallied to near USD 8,400/mt, SHFE three-month copper contract prices rose but still met resistance at RMB 60,000/mt. Owing to position closings at the tail of trading, SHFE three-month copper contract prices lost support and retreated to early trading session levels, with an intraday high at RMB 60,060/mt. Finally, SHFE 1204 copper contract prices closed at RMB 59,820/mt, down RMB 40/mt or 0.07%. Positions for SHFE 1204 copper contracts were down 9,568 lots, and trading volumes were down 90,464 lots. SHFE copper prices will continue to fluctuate due to great pressures at the 5- and 10-day moving averages.