SMM Brief on SHFE Copper Prices on Feb. 17-Shanghai Metals Market

Hot Keywords

  • Zinc
  • Aluminium
  • Futures movement
  • Silicon
  • Copper
  • Prebaked anode
  • Inventory data
  • NEV
  • Nickel
  • Lead
  • Evening comments
  • MMi Iron Ore Port Index
  • New Energy Vehicle
  • Production data
  • Market commentary

SMM Brief on SHFE Copper Prices on Feb. 17

SMM Insight 05:15:53PM Feb 17, 2012 Source:SMM

SHANGHAI, Feb. 17 (SMM) –As LME copper prices rebounded slightly overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 520/mt higher at RMB 59,810/mt Friday. SHFE three-month copper contract prices fluctuated around the daily moving average during the whole trading day, with upside resistance at the 5-day moving average and intraday high at RMB 60,200/mt. At the tail of trading, SHFE three-month copper contract prices drifted slightly lower and pared some of earlier gains owing to position closings. Finally, SHFE 1205 copper contract prices closed at RMB 59,750/mt, up RMB 460/mt or 0.78%. Positions for SHFE 1205 copper contracts were down 12,656 lots, and trading volumes were down 82,070 lots. Long investors took the opportunity of copper price corrections to conduct profit-taking, with low interest in keeping up with rising prices. With prevailing upward resistance, copper futures will look for support amid falling prices.

 

Price

more
Aluminum Ingot
Apr.19
14050.0
40.0
(0.29%)
Alumina (Averaged)
Apr.19
2665.0
0.0
(0.00%)
Alumina-East
Apr.19
2680.0
0.0
(0.00%)
Alumina -Central
Apr.19
2670.0
0.0
(0.00%)
Alumina - North
Apr.19
2660.0
0.0
(0.00%)

SMM Brief on SHFE Copper Prices on Feb. 17

SMM Insight 05:15:53PM Feb 17, 2012 Source:SMM

SHANGHAI, Feb. 17 (SMM) –As LME copper prices rebounded slightly overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 520/mt higher at RMB 59,810/mt Friday. SHFE three-month copper contract prices fluctuated around the daily moving average during the whole trading day, with upside resistance at the 5-day moving average and intraday high at RMB 60,200/mt. At the tail of trading, SHFE three-month copper contract prices drifted slightly lower and pared some of earlier gains owing to position closings. Finally, SHFE 1205 copper contract prices closed at RMB 59,750/mt, up RMB 460/mt or 0.78%. Positions for SHFE 1205 copper contracts were down 12,656 lots, and trading volumes were down 82,070 lots. Long investors took the opportunity of copper price corrections to conduct profit-taking, with low interest in keeping up with rising prices. With prevailing upward resistance, copper futures will look for support amid falling prices.