SMM Brief on SHFE Copper Prices on Feb. 23-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 23

SMM Insight 03:57:57PM Feb 23, 2012 Source:SMM

SHANGHAI, Feb. 23 (SMM) –SHFE 1205 copper contract prices, the most active one, opened RMB 100/mt down at RMB 60,390/mt Thursday. The SHFE copper contract for delivery in May continued to fluctuate around the daily moving average of RMB 60,300/mt following the opening, and strong Chinese stock markets moving above 2,400 points still helped boost prices to some extent. In the afternoon session, as LME copper prices lowered to test USD 8,400/mt, SHFE copper prices slid correspondingly, but won technical support at USD 60,000/mt, with an intraday low at RMB 59,960/mt. SHFE 1205 copper contract prices narrowed daily losses at the tail of trading owing to position closings, and finally ended at RMB 60,420/mt, down RMB 70/mt or 0.12%. Positions for SHFE 1205 copper contracts were up 3,366 lots, and trading volumes were up 25,710 lots. Short-term short investors conducted operations actively during the whole trading day. Technically, SHFE copper prices are well supported at the low-end, but will continue to test support at the 5-day moving average, with upward resistance at the 10 and 20-day moving averages.  
 

Price

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#1 Refined Cu
Apr.24
49045.0
-145.0
(-0.29%)
Standard-Grade Copper
Apr.24
49000.0
-140.0
(-0.28%)
High-Grade Copper
Apr.24
49090.0
-140.0
(-0.28%)
Guixi copper
Apr.24
49100.0
-140.0
(-0.28%)
Low-quality copper
Apr.24
48940.0
-135.0
(-0.28%)

SMM Brief on SHFE Copper Prices on Feb. 23

SMM Insight 03:57:57PM Feb 23, 2012 Source:SMM

SHANGHAI, Feb. 23 (SMM) –SHFE 1205 copper contract prices, the most active one, opened RMB 100/mt down at RMB 60,390/mt Thursday. The SHFE copper contract for delivery in May continued to fluctuate around the daily moving average of RMB 60,300/mt following the opening, and strong Chinese stock markets moving above 2,400 points still helped boost prices to some extent. In the afternoon session, as LME copper prices lowered to test USD 8,400/mt, SHFE copper prices slid correspondingly, but won technical support at USD 60,000/mt, with an intraday low at RMB 59,960/mt. SHFE 1205 copper contract prices narrowed daily losses at the tail of trading owing to position closings, and finally ended at RMB 60,420/mt, down RMB 70/mt or 0.12%. Positions for SHFE 1205 copper contracts were up 3,366 lots, and trading volumes were up 25,710 lots. Short-term short investors conducted operations actively during the whole trading day. Technically, SHFE copper prices are well supported at the low-end, but will continue to test support at the 5-day moving average, with upward resistance at the 10 and 20-day moving averages.