SMM Brief on SHFE Copper Prices on Feb. 15

SHANGHAI, Feb. 15 (SMM) –SHFE 1205 copper contract prices, the most active one, opened slightly higher by RMB 10/mt down at RMB 60,260/mt Wednesday. After the opening, SHFE three-month copper contract prices continued to fluctuate weakly around the daily moving average of RMB 60,300/mt. During major trading hours for spot copper, as Chinese stock markets increased, and as LME copper prices climbed to USD 8,500/mt, SHFE three-month copper contract prices surged to an intraday high of RMB 61,000/mt. In the afternoon business, SHFE three-month copper contract prices moved at the highs around RMB 60,800/mt, posting firm performance, but gave up daily gains at the tail of trading as resistance at recent two moving averages emerged due to position closings. Finally, SHFE 1205 copper contract prices ended at RMB 60,430/mt, up RMB 180/mt or 0.3%. Positions for SHFE 1205 copper contracts were up 3,216 lots, and trading volumes were up 41,910 lots. Owing to great upside pressures and a lack of substantial buying support, the increase was limited for SHFE copper prices, which will continue to test support at the 20-day moving average.