SMM Brief on SHFE Copper Prices on Feb. 27-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Feb. 27

SMM Insight 03:39:46PM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) –As LME copper prices closed with gains last Friday, SHFE 1205 copper contract prices, the most active one, opened RMB 250/mt up at RMB 60,300/mt Monday. Tracking LME copper prices, the SHFE copper contract for delivery in May kept fluctuating around the opening price of RMB 60,300/mt during the whole trading day. In the afternoon session, as LME copper prices rose to above USD 8,500/mt rapidly owing to the falling US dollar, and as Chinese stock prices also increased, SHFE copper prices surged to an intraday high of RMB 60,730/mt after breaking out RMB 60,500/mt. However, as long investors made profit-taking at the tail of trading, SHFE 1205 copper contract prices lacked momentum to climb, and gradually pared some of the daily gains before finally ending at RMB 60,400/mt, still up RMB 350/mt or 0.58%. Positions for SHFE 1205 copper contracts were down 8,712 lots, and trading volumes were down 58,032 lots. SHFE copper prices still faced great resistance at above RMB 60,500/mt, keeping market activity cautious. 

 

Price

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SMM Brief on SHFE Copper Prices on Feb. 27

SMM Insight 03:39:46PM Feb 27, 2012 Source:SMM

SHANGHAI, Feb. 27 (SMM) –As LME copper prices closed with gains last Friday, SHFE 1205 copper contract prices, the most active one, opened RMB 250/mt up at RMB 60,300/mt Monday. Tracking LME copper prices, the SHFE copper contract for delivery in May kept fluctuating around the opening price of RMB 60,300/mt during the whole trading day. In the afternoon session, as LME copper prices rose to above USD 8,500/mt rapidly owing to the falling US dollar, and as Chinese stock prices also increased, SHFE copper prices surged to an intraday high of RMB 60,730/mt after breaking out RMB 60,500/mt. However, as long investors made profit-taking at the tail of trading, SHFE 1205 copper contract prices lacked momentum to climb, and gradually pared some of the daily gains before finally ending at RMB 60,400/mt, still up RMB 350/mt or 0.58%. Positions for SHFE 1205 copper contracts were down 8,712 lots, and trading volumes were down 58,032 lots. SHFE copper prices still faced great resistance at above RMB 60,500/mt, keeping market activity cautious.