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SMM Brief on SHFE Copper Prices on Mar. 12
Mar 12,2012 16:15CST
smm insight
Source: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.

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.

SMM brief; SHFE copper prices

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