SMM Brief on SHFE Copper Prices on Mar. 15

SHANGHAI, Mar. 15 (SMM) –As LME copper prices fell overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 630/mt lower at RMB 60,300/mt Thursday. SHFE copper prices posted weak performance during the whole trading day, fluctuating narrowly around the daily moving average of RMB 60,300/mt before the midday. In the afternoon business, as LME copper prices slid, and as Chinese stock markets closed down, SHFE copper prices drifted lower to RMB 60,100/mt, but low-end prices were well supported at RMB 60,000/mt, with a low reaching RMB 60,030/mt. Finally, SHFE 1206 copper contract prices closed at RMB 60,420/mt, down RMB 510/mt, or a loss of 0.84%. Positions for SHFE 1206 copper contract were up 5,290 lots, while trading volumes were down 5,716 lots. SHFE copper prices faced great pressures near recent moving averages, but won solid support at RMB 60,000/mt. Hence, SHFE copper prices will continue to show resilience over the near term.