SMM Brief on SHFE Copper Prices on Feb. 24-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 24

SMM Insight 05:11:49PM Feb 24, 2012 Source:SMM

SHANGHAI, Feb. 24 (SMM) –As LME copper prices rallied slightly overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 130/mt up at RMB 60,370/mt Friday. After the opening, the SHFE copper contract for delivery in May moved lower all the way and only reached a high at RMB 60,580/mt, as LME copper prices fell to test USD 8,300/mt due to the surging US dollar. SHFE copper prices fell to as low as RMB 59,600/mt in the afternoon session after losing RMB 60,000/mt in the morning. Finally, SHFE 1205 copper contract prices settled at RMB 59,620/mt, down RMB 620/mt or 1.03%. Positions for SHFE 1205 copper contracts were up 13,560 lots, and trading volumes were up 103,000 lots. With growing selling pressures, SHFE copper prices lost support at recently moving averages and will likely lose the 30-day moving average.
 

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SMM Brief on SHFE Copper Prices on Feb. 24

SMM Insight 05:11:49PM Feb 24, 2012 Source:SMM

SHANGHAI, Feb. 24 (SMM) –As LME copper prices rallied slightly overnight, SHFE 1205 copper contract prices, the most active one, opened RMB 130/mt up at RMB 60,370/mt Friday. After the opening, the SHFE copper contract for delivery in May moved lower all the way and only reached a high at RMB 60,580/mt, as LME copper prices fell to test USD 8,300/mt due to the surging US dollar. SHFE copper prices fell to as low as RMB 59,600/mt in the afternoon session after losing RMB 60,000/mt in the morning. Finally, SHFE 1205 copper contract prices settled at RMB 59,620/mt, down RMB 620/mt or 1.03%. Positions for SHFE 1205 copper contracts were up 13,560 lots, and trading volumes were up 103,000 lots. With growing selling pressures, SHFE copper prices lost support at recently moving averages and will likely lose the 30-day moving average.