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

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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

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Aluminum Ingot
Jul.23
13800.0
-50.0
(-0.36%)
Aluminum Ingot - Fo Shan
Jul.23
13770.0
-50.0
(-0.36%)
Aluminum Ingot - Wu Xi
Jul.22
13840.0
-65.0
(-0.47%)
Aluminum Ingot - Hang Zhou
Jul.22
13850.0
-80.0
(-0.57%)
Aluminum Ingot - Chong Qing
Jul.22
13830.0
-70.0
(-0.50%)

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.