SMM Brief on SHFE Copper Prices on Feb. 28

SHANGHAI, Feb. 28 (SMM) –SHFE 1205 copper contract prices, the most active one, opened RMB 10/mt up at RMB 60,420/mt Tuesday. After the opening, as LME copper prices stood steadily above USD 8,500/mt after the US dollar gave up some of overnight gains, SHFE copper prices moved higher after fluctuating briefly with an intraday low only at RMB 60,370/mt. In the afternoon session, as long investors entered the market, SHFE copper prices continued to rise and touched an intraday high at RMB 61,070/mt at the tail of trading, after triggering short investors’ stop-loss limit. Finally, SHFE 1205 copper contract prices closed at RMB 61,060/mt, up RMB 650/mt or 1.08%. Positions for SHFE 1205 copper contract were up 596 lots, while trading volumes were down 101,000 lots. SHFE copper prices have stood above recent daily moving average and will test resistance at RMB 60,000/mt for the near future.