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SMM Brief on SHFE Copper Prices on Mar. 6
Mar 6,2012 16:15CST
smm insight
Source:SMM
As LME copper prices slumped overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 300/mt down at RMB 61,000/mt Tuesday.

SHANGHAI, Mar. 6 (SMM) –As LME copper prices slumped overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 300/mt down at RMB 61,000/mt Tuesday. After the opening, SHFE copper prices followed LME copper prices to slide all the way, with an intraday high only touching RMB 61,050/mt. As Chinese stock markets fell by 1.4%, SHFE copper prices gathered falling momentum in the afternoon session and retreated to as low as RMB 60,270/mt. Finally, SHFE 1206 copper contract prices ended at RMB 60,390/mt, down RMB 930/mt, or a loss of 1.52%. Positions for SHFE 1206 copper contract were up 12,238 lots, and trading volumes were up 61,784 lots. Due to downside technical indicators and increasing selling pressures from short investors, SHFE copper prices are likely to test support at RMB 60,000/mt.
 

SMM brief;SHFE copper prices

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