SMM Brief on SHFE Copper Prices on Feb. 13-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 13

SMM Insight 03:44:39PM Feb 13, 2012 Source:SMM

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.  
 

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SMM Brief on SHFE Copper Prices on Feb. 13

SMM Insight 03:44:39PM Feb 13, 2012 Source:SMM

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.