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

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SMM Brief on SHFE Copper Prices on Feb. 6

SMM Insight 04:42:51PM Feb 06, 2012 Source:SMM

SHANGHAI, Feb. 6 (SMM) –As LME copper prices closed with strong gains overnight, SHFE 1204 copper contract prices, the most active one, opened RMB 1,070/mt higher at RMB 60,850/mt Monday. As long investors made profit-taking, SHFE three-month copper contract prices lacked upward momentum after the opening, and fluctuated around the daily moving average during the whole trading day, with an intraday high at RMB 60,950/mt. At the tail of trading, as Chinese stock markets fell after initially surging, SHFE three-month copper contract prices came under pressure at the daily moving average and retreated to a low of RMB 60,530/mt. Finally, SHFE 1204 copper contract price closed at RMB 60,530/mt, up RMB 750/mt or 1.25%. Positions for SHFE 1204 copper contracts were down 12,896 lots, while trading volumes were up 17,388 lots. Both short and long investors chose to close positions during the whole trading day, and long investors had little intention of keeping up with rising prices. Therefore, SHFE copper prices will likely test RMB 60,000/mt and remain weak.
 

Price

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#1 Refined Cu
Apr.22
49450.0
20.0
(0.04%)
Yangshan Copper Premium(Bill of Lading)
Apr.22
51.5
0.0
(0.00%)
Yangshan Copper Premium(Warehouse Warrant)
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50.5
0.0
(0.00%)
Imported Cu Concentrate TC(Cu≥26%,Week)
Apr.19
67.0
-1.5
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Imported Cu Concentrate TC(Cu≥26%,Month)
Mar.29
73.5
-6.0
(-7.55%)

SMM Brief on SHFE Copper Prices on Feb. 6

SMM Insight 04:42:51PM Feb 06, 2012 Source:SMM

SHANGHAI, Feb. 6 (SMM) –As LME copper prices closed with strong gains overnight, SHFE 1204 copper contract prices, the most active one, opened RMB 1,070/mt higher at RMB 60,850/mt Monday. As long investors made profit-taking, SHFE three-month copper contract prices lacked upward momentum after the opening, and fluctuated around the daily moving average during the whole trading day, with an intraday high at RMB 60,950/mt. At the tail of trading, as Chinese stock markets fell after initially surging, SHFE three-month copper contract prices came under pressure at the daily moving average and retreated to a low of RMB 60,530/mt. Finally, SHFE 1204 copper contract price closed at RMB 60,530/mt, up RMB 750/mt or 1.25%. Positions for SHFE 1204 copper contracts were down 12,896 lots, while trading volumes were up 17,388 lots. Both short and long investors chose to close positions during the whole trading day, and long investors had little intention of keeping up with rising prices. Therefore, SHFE copper prices will likely test RMB 60,000/mt and remain weak.