SMM Brief on SHFE Copper Prices on Feb. 13

SHANGHAI, Feb. 13 (SMM) –As LME copper prices fell overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 750/mt down at RMB 61,010/mt Monday. SHFE three-month copper contract prices slipped rapidly after the opening, fluctuating lower to RMB 60,700/mt and reaching a low of RMB 60,450/mt. In the afternoon session, as Chinese stock markets fell from initial increasing, and as LME copper prices met resistance at USD 8,600/mt, SHFE three-month copper contract prices lacked momentum to rise further after rising to RMB 61,150/mt. Finally, SHFE 1205 copper contract prices closed at RMB 60,770/mt, down RMB 990/mt or 1.6%. Positions for SHFE 1205 copper contracts were up 1,986 lots, while trading volumes were down 43,818 lots. SHFE copper prices faced great pressures at the 5-day moving average of RMB 61,160/mt, and will test support at the 10-day moving average of RMB 60,700/mt.