SMM Brief on SHFE Copper Prices on Feb. 21

SMM Insight 04:56:17PM Feb 21, 2012 Source:SMM

SHANGHAI, Feb. 21 (SMM) –As LME copper prices continued to close down overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 430/mt down at RMB 59,250/mt Tuesday. The SHFE copper contract for delivery in May drifted higher after the opening owing to position closings, fluctuating in a broad band during the whole trading day and with the low-end price at RMB 59,230/mt and high-end price at RMB 60,120/mt. Lifted by rising Chinese stock prices, SHFE copper prices surged above the daily moving average in the afternoon session, and held the RMB 60,000/mt benchmark at the tail of trading. Finally, SHFE 1205 copper contract prices closed at RMB 60,050/mt, up RMB 370/mt or 0.62%. Positions for 1205 copper contract were down 13,120 lots, while trading volumes were up 143,000 lots. SHFE copper prices got temporary support at the 30-day moving average of RMB 59,250/mt, but will continue to test resistance at RMB 60,000/mt.
 

SMM Brief on SHFE Copper Prices on Feb. 21

SMM Insight 04:56:17PM Feb 21, 2012 Source:SMM

SHANGHAI, Feb. 21 (SMM) –As LME copper prices continued to close down overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 430/mt down at RMB 59,250/mt Tuesday. The SHFE copper contract for delivery in May drifted higher after the opening owing to position closings, fluctuating in a broad band during the whole trading day and with the low-end price at RMB 59,230/mt and high-end price at RMB 60,120/mt. Lifted by rising Chinese stock prices, SHFE copper prices surged above the daily moving average in the afternoon session, and held the RMB 60,000/mt benchmark at the tail of trading. Finally, SHFE 1205 copper contract prices closed at RMB 60,050/mt, up RMB 370/mt or 0.62%. Positions for 1205 copper contract were down 13,120 lots, while trading volumes were up 143,000 lots. SHFE copper prices got temporary support at the 30-day moving average of RMB 59,250/mt, but will continue to test resistance at RMB 60,000/mt.