SMM Brief on SHFE Copper Prices on Feb. 9-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 9

SMM Insight 04:50:31PM Feb 09, 2012 Source:SMM

SHANGHAI, Feb. 9 (SMM) –SHFE 1204 copper contract prices opened RMB 210/mt higher at RMB 60,980/mt Thursday. After the opening, a large number of short investors closed positions. In this context, SHFE three-month copper contract prices rose after fluctuating around RMB 61,000/mt, but met resistance after reaching a high of RMB 61,880/mt near the midday, returning below the daily moving average and continuing to fluctuate. Finally, SHFE 1204 copper contract prices closed at RMB 61,070/mt, up RMB 300/mt or 0.49%. Positions for SHFE 1204 copper contracts were down 19,400 lots, and trading volumes were down 76,856 lots. The shift of the most actively-traded copper contract was basically completed in the morning session. SHFE 1205 copper contract prices reported an intraday high at RMB 62,230/mt and finally ended at RMB 61,350/mt, up RMB 240/mt or 0.39%. Position for SHFE 1205 copper contracts were down 8,118 lots, while trading volumes were up 225,000 lots. Despite upward technical indicators, SHFE copper prices face great upside pressures over the near term, and are waiting for opportunities to break out RMB 62,000/mt.

 

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SMM Brief on SHFE Copper Prices on Feb. 9

SMM Insight 04:50:31PM Feb 09, 2012 Source:SMM

SHANGHAI, Feb. 9 (SMM) –SHFE 1204 copper contract prices opened RMB 210/mt higher at RMB 60,980/mt Thursday. After the opening, a large number of short investors closed positions. In this context, SHFE three-month copper contract prices rose after fluctuating around RMB 61,000/mt, but met resistance after reaching a high of RMB 61,880/mt near the midday, returning below the daily moving average and continuing to fluctuate. Finally, SHFE 1204 copper contract prices closed at RMB 61,070/mt, up RMB 300/mt or 0.49%. Positions for SHFE 1204 copper contracts were down 19,400 lots, and trading volumes were down 76,856 lots. The shift of the most actively-traded copper contract was basically completed in the morning session. SHFE 1205 copper contract prices reported an intraday high at RMB 62,230/mt and finally ended at RMB 61,350/mt, up RMB 240/mt or 0.39%. Position for SHFE 1205 copper contracts were down 8,118 lots, while trading volumes were up 225,000 lots. Despite upward technical indicators, SHFE copper prices face great upside pressures over the near term, and are waiting for opportunities to break out RMB 62,000/mt.