SMM Brief on SHFE Copper Prices on Feb. 17

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.