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SMM Brief on SHFE Copper Prices on Mar. 13
Mar 13,2012 16:58CST
smm insight
Source:SMM
SHFE 1206 copper contract prices, the most active one, opened RMB 120/mt higher at RMB 60,680/mt Tuesday.

SHANGHAI, Mar. 13 (SMM) –SHFE 1206 copper contract prices, the most active one, opened RMB 120/mt higher at RMB 60,680/mt Tuesday. SHFE copper prices continued to fluctuate around the daily moving average after the opening, but rose rapidly and challenge resistance at the RMB 61,000/mt mark near the midday, as a sliding US dollar helped LME copper prices break out USD 8,500/mt. In the afternoon session, Chinese stock markets increased, supporting SHFE copper prices to move firmly around RMB 61,000/mt and touch a high of RMB 61,120/mt. Finally, SHFE 1206 copper contract prices closed at RMB 61,040/mt, up RMB 480/mt or 0.79%. Trading volumes for SHFE 1206 copper contract were down 24,418 lots, while positions were up 1,568 lots. SHFE copper prices already stood above all moving averages, and won increasing support at RMB 60,500/mt.
 

SHFE copper prices

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