SMM Brief on SHFE Copper Prices on Feb. 10-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 10

SMM Insight 04:21:48PM Feb 10, 2012 Source:SMM

SHANGHAI, Feb. 10 (SMM) –As LME copper prices closed with gains overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 370/mt higher at RMB 61,950/mt Friday. SHFE three-month copper contract prices fluctuated around the daily moving average of RMB 61,850/mt after the opening and stopped at an intraday high of 62,080/mt, since LME copper prices came under pressure at USD 8,700/mt owing to the increasing US dollar during the whole trading day. In the afternoon session, SHFE three-month copper contract prices met resistance at the daily moving average and tended to move away from the price mark, reversing earlier gains and touching a low at RMB 61,460/mt. Finally, SHFE 1205 copper contract prices closed at RMB 61,650/mt, down RMB 20/mt or 0.03%. Positions for SHFE 1205 copper contracts were up 14,332 lots, and trading volumes were down 56,038 lots. SHFE copper prices faced great upward resistance at RMB 62,000/mt, and need a push from LME copper prices.





 

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SMM Brief on SHFE Copper Prices on Feb. 10

SMM Insight 04:21:48PM Feb 10, 2012 Source:SMM

SHANGHAI, Feb. 10 (SMM) –As LME copper prices closed with gains overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 370/mt higher at RMB 61,950/mt Friday. SHFE three-month copper contract prices fluctuated around the daily moving average of RMB 61,850/mt after the opening and stopped at an intraday high of 62,080/mt, since LME copper prices came under pressure at USD 8,700/mt owing to the increasing US dollar during the whole trading day. In the afternoon session, SHFE three-month copper contract prices met resistance at the daily moving average and tended to move away from the price mark, reversing earlier gains and touching a low at RMB 61,460/mt. Finally, SHFE 1205 copper contract prices closed at RMB 61,650/mt, down RMB 20/mt or 0.03%. Positions for SHFE 1205 copper contracts were up 14,332 lots, and trading volumes were down 56,038 lots. SHFE copper prices faced great upward resistance at RMB 62,000/mt, and need a push from LME copper prices.