SMM Brief on SHFE Copper Prices on Feb. 16

SMM Insight 03:43:08PM Feb 16, 2012 Source:SMM

SHANGHAI, Feb. 16 (SMM) –As LME copper prices closed down overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 540/mt down at RMB 60,000/mt Thursday. Chasing LME copper prices, SHFE three-month copper contract prices moved lower after a low open, and lost RMB 59,000/mt in the afternoon business, fluctuating between RMB 58,880-58,940/mt and with an intraday low at RMB 58,780/mt. SHFE three-month copper contract prices rose to above RMB 59,000/mt at the tail of trading, since Chinese stock prices rallied. SHFE 1205 copper contract prices finally ended at RMB 59,210/mt, still down RMB 1,330/mt or 2.2%. Positions for SHFE 1205 copper contracts were up 5,102 lots, and trading volumes were up 67,352 lots. Owing to growing selling pressures and a down close for several straight sessions, SHFE copper prices will test support at the 30-day moving average over the near term.
 

SMM Brief on SHFE Copper Prices on Feb. 16

SMM Insight 03:43:08PM Feb 16, 2012 Source:SMM

SHANGHAI, Feb. 16 (SMM) –As LME copper prices closed down overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 540/mt down at RMB 60,000/mt Thursday. Chasing LME copper prices, SHFE three-month copper contract prices moved lower after a low open, and lost RMB 59,000/mt in the afternoon business, fluctuating between RMB 58,880-58,940/mt and with an intraday low at RMB 58,780/mt. SHFE three-month copper contract prices rose to above RMB 59,000/mt at the tail of trading, since Chinese stock prices rallied. SHFE 1205 copper contract prices finally ended at RMB 59,210/mt, still down RMB 1,330/mt or 2.2%. Positions for SHFE 1205 copper contracts were up 5,102 lots, and trading volumes were up 67,352 lots. Owing to growing selling pressures and a down close for several straight sessions, SHFE copper prices will test support at the 30-day moving average over the near term.