SMM Brief on SHFE Copper Prices on Mar. 9

SHANGHAI, Mar. 9 (SMM) –SHFE 1206 copper contract prices, the most active one, opened RMB 80/mt higher at RMB 59,690/mt Friday. After the opening, as Chinese stock markets rose following the release of China’s falling CPI data from the National Bureau of Statistics, SHFE copper prices trended higher stably, breaking the 5-day moving average before meeting upward resistance at near RMB 60,400/mt. SHFE copper prices fluctuated narrowly at above RMB 60,200/mt in the afternoon session, and rose further to a high RMB 60,560/mt at the tail of trading as short investors closed positions. Finally, SHFE 1206 copper contract prices ended at RMB 60,520/mt, up RMB 910/mt or 1.53%. Positions for SHFE 1206 copper contract were up 212 lots, while trading volumes were up 80,640 lots. Due to profit-taking by long investors and unclear technical indicators, SHFE copper prices will look for support.