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SMM Brief on SHFE Copper Prices on Mar. 14
Mar 14,2012 17:23CST
smm insight
Source:SMM
As LME copper prices closed significantly higher overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 450/mt higher at RMB 61,330/mt Wednesday.

SHANGHAI, Mar. 14 (SMM) –As LME copper prices closed significantly higher overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 450/mt higher at RMB 61,330/mt Wednesday. SHFE copper prices suffered profit-taking immediately after the opening, and as prices met resistance at RMB 61,500/mt, short investors began to enter the market, which in turn dampened prices. In the afternoon business, Chinese stock markets dived by more than 150, and fell below 2,400, a slump of nearly 2.7%, dragging down SHFE copper prices, which gained falling momentum and moved away from the daily moving average, with the low-end price touching RMB 60,460/mt. Finally, SHFE 1206 copper contract prices closed at RMB 60,530/mt, down RMB 350/mt or 0.57%. Positions for SHFE 1206 copper contract were up 11,330 lots, and trading volumes were up 96,586 lots. With weak support at the 30-day moving average, SHFE copper prices will test the 5-day moving average of RMB 60,500/mt.

 

SHFE copper prices

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