SMM Brief on SHFE Copper Prices on Feb. 7-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 7

SMM Insight 03:46:00PM Feb 07, 2012 Source:SMM

SHANGHAI, Feb. 7 (SMM) –As LME copper prices tended to become weak overnight, SHFE 1204 copper contract prices, the most active one, opened RMB 160/mt lower at RMB 60,490/mt Tuesday. SHFE three-month copper contract prices fluctuated briefly after the opening and then fell due to resistance, with an intraday high reaching RMB 60,760/mt. As LME copper prices lowered to test support at the 10-day moving average, and as Chinese stock markets slid by 2%, SHFE three-month copper contract prices retreated more quickly and fell below the RMB 60,000/mt point in the afternoon session, but the falling momentum eased after prices were down to near RMB 59,850/mt. At the tail of trading, SHFE three-month copper contract prices pared some of the losses after gaining buying support at the lows, returning to levels near RMB 60,000/mt. Finally, SHFE 1204 copper contract prices closed at RMB 60,030/mt, down RMB 620/mt or 1.02%. Positions for SHFE 1204 copper contracts were down 4,528 lots, and trading volumes were down 20,386 lots. As long and short investors struggled at RMB 60,000/mt, support at the 10-day moving average of RMB 59,900/mt needs to be confirmed.
 

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SMM Brief on SHFE Copper Prices on Feb. 7

SMM Insight 03:46:00PM Feb 07, 2012 Source:SMM

SHANGHAI, Feb. 7 (SMM) –As LME copper prices tended to become weak overnight, SHFE 1204 copper contract prices, the most active one, opened RMB 160/mt lower at RMB 60,490/mt Tuesday. SHFE three-month copper contract prices fluctuated briefly after the opening and then fell due to resistance, with an intraday high reaching RMB 60,760/mt. As LME copper prices lowered to test support at the 10-day moving average, and as Chinese stock markets slid by 2%, SHFE three-month copper contract prices retreated more quickly and fell below the RMB 60,000/mt point in the afternoon session, but the falling momentum eased after prices were down to near RMB 59,850/mt. At the tail of trading, SHFE three-month copper contract prices pared some of the losses after gaining buying support at the lows, returning to levels near RMB 60,000/mt. Finally, SHFE 1204 copper contract prices closed at RMB 60,030/mt, down RMB 620/mt or 1.02%. Positions for SHFE 1204 copper contracts were down 4,528 lots, and trading volumes were down 20,386 lots. As long and short investors struggled at RMB 60,000/mt, support at the 10-day moving average of RMB 59,900/mt needs to be confirmed.