SMM Brief on SHFE Copper Prices on Mar. 1-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Mar. 1

SMM Insight 04:36:56PM Mar 01, 2012 Source:SMM

SHANGHAI, Mar. 1 (SMM) –As LME copper prices fell after initially surging, SHFE 1205 copper contract prices, the most active one, opened RMB 390/mt down at RMB 60,500/mt Thursday. After the opening, SHFE copper prices moved higher gradually and rose to RMB 60,780/mt before the midday, since China's official purchasing managers' index (PMI) for February came in better than expected. In the afternoon session, due to technical resistance and as LME copper prices lost USD 8,500/mt following a rally in the US dollar, SHFE copper prices trended down and gained falling momentum at the tail of trading, sliding as low as RMB 60,180/mt. Finally, SHFE 1205 copper contract prices closed at RMB 60,290/mt, down RMB 600/mt or 0.99%. Trading volumes for SHFE 1205 copper contract were down 1,412 lots, and positions were down 13,126 lots. Despite support at 10 and 30-day moving averages, selling pressures are growing, which will propel SHFE copper prices to test RMB 60,000/mt again over the near term.
 

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SMM Brief on SHFE Copper Prices on Mar. 1

SMM Insight 04:36:56PM Mar 01, 2012 Source:SMM

SHANGHAI, Mar. 1 (SMM) –As LME copper prices fell after initially surging, SHFE 1205 copper contract prices, the most active one, opened RMB 390/mt down at RMB 60,500/mt Thursday. After the opening, SHFE copper prices moved higher gradually and rose to RMB 60,780/mt before the midday, since China's official purchasing managers' index (PMI) for February came in better than expected. In the afternoon session, due to technical resistance and as LME copper prices lost USD 8,500/mt following a rally in the US dollar, SHFE copper prices trended down and gained falling momentum at the tail of trading, sliding as low as RMB 60,180/mt. Finally, SHFE 1205 copper contract prices closed at RMB 60,290/mt, down RMB 600/mt or 0.99%. Trading volumes for SHFE 1205 copper contract were down 1,412 lots, and positions were down 13,126 lots. Despite support at 10 and 30-day moving averages, selling pressures are growing, which will propel SHFE copper prices to test RMB 60,000/mt again over the near term.