SMM Brief on SHFE Copper Prices on Feb. 20

SMM Insight 04:13:56PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) –SHFE 1205 copper contract prices, the most active one, met resistance at the 20-day moving average of RMB 60,350/mt immediately after opening RMB 10/mt down at RMB 59,910/mt Monday. SHFE three-month copper contract prices fell all the way as large-scale selling pressures emerged, and as around 42,000 new positions were built in the session. In the afternoon business, Chinese stock prices narrowed daily gains and slid continuously, causing SHFE copper prices to drift lower further, down as low as RMB 59,270/mt. Finally, SHFE 1205 copper contract prices closed at RMB 59,340/mt, down RMB 580/mt or 0.97%. Positions for SHFE 1205 copper contracts were up 34,992 lots, and trading volumes were up 64,966 lots. Owing to rising selling pressures with resistance at RMB 60,000/mt for three consecutive days, SHFE copper prices will fluctuate between the 20 and 30-day moving averages for the near future.

 

SMM Brief on SHFE Copper Prices on Feb. 20

SMM Insight 04:13:56PM Feb 20, 2012 Source:SMM

SHANGHAI, Feb. 20 (SMM) –SHFE 1205 copper contract prices, the most active one, met resistance at the 20-day moving average of RMB 60,350/mt immediately after opening RMB 10/mt down at RMB 59,910/mt Monday. SHFE three-month copper contract prices fell all the way as large-scale selling pressures emerged, and as around 42,000 new positions were built in the session. In the afternoon business, Chinese stock prices narrowed daily gains and slid continuously, causing SHFE copper prices to drift lower further, down as low as RMB 59,270/mt. Finally, SHFE 1205 copper contract prices closed at RMB 59,340/mt, down RMB 580/mt or 0.97%. Positions for SHFE 1205 copper contracts were up 34,992 lots, and trading volumes were up 64,966 lots. Owing to rising selling pressures with resistance at RMB 60,000/mt for three consecutive days, SHFE copper prices will fluctuate between the 20 and 30-day moving averages for the near future.