SMM Brief on SHFE Copper Prices on Mar. 16

SHANGHAI, Mar. 16 (SMM) –As LME copper prices closed up overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 580/mt lower at RMB 60,860/mt Friday. Some long investors left the market before the midday, but SHFE copper prices failed to break resistance at RMB 61,000/mt substantively and touched a high at RMB 61,050/mt. Near the midday, as rubber on the SHFE dived, and as short investors imposed selling pressures, SHFE copper prices came under pressure at the daily moving average and began to drift lower. In the afternoon session, Chinese stock markets rallied to 2,400, helping SHFE copper prices fluctuate narrowly around RMB 60,700/mt, with a low at RMB 60,580/mt. Finally, SHFE 1206 copper contract prices closed at RMB 60,780/mt, up RMB 500/mt or 0.83%. Positions for SHFE 1206 copper contract were down 4,434 lots, and trading volumes were down 1,248 lots. Despite support at RMB 60,500/mt, SHFE copper prices lacked upside momentum.