SMM Brief on SHFE Copper Prices on Feb. 10

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.