SMM Brief on SHFE Copper Prices on Feb. 21

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.