SMM Brief on SHFE Copper Prices on Mar. 12

SHANGHAI, Mar. 12 (SMM) –As LME copper prices closed with strong gains last Friday, SHFE 1206 copper contract prices, the most active one, opened RMB 560/mt higher at RMB 60,700/mt Monday. SHFE copper prices fluctuated briefly following the opening, but met large-scale selling pressures after touching a high of RMB 60,850/mt. Chinese stock markets closed slightly down, also dragging down SHFE copper prices, which came under pressure at the daily moving average but won support near the 20-day moving average of RMB 60,350/mt. Finally, SHFE 1206 copper contract prices closed at RMB 60,620/mt, up RMB 480/mt or 0.8%. Positions for SHFE 1206 copper contract were up 3,818 lots, while trading volumes were down 54,208 lots. SHFE copper prices failed to break resistance at RMB 61,000/mt during the first trading day of this week but gained more support at the low-end prices.