SMM Brief on SHFE Copper Prices on Mar. 19

SHANGHAI, Mar. 19 (SMM) –SHFE 1206 copper contract prices, the most active one, opened RMB 230/mt lower at RMB 60,600/mt Monday. After the opening, as LME copper prices came under great pressures, and as market activity for SHFE copper was light, SHFE copper prices did not gain buying support and trended lower after suffering resistance at the 5-day moving average of RMB 60,600/mt, with a high only touching RMB 60,660/mt. In the afternoon session, LME copper prices continued to fall, while the Shanghai Composite Index struggled at 2,400, In this context, short investors chose to enter the market but then left the market when copper prices were pushed down to RMB 60,120/mt, with prices then fluctuating around RMB 60,250/mt. Finally, SHFE 1206 copper contract prices ended at RMB 60,300/mt, down RMB 530/mt or 0.87%. Positions for SHFE 1206 copper contracts were down 2,000 lots, and trading volumes were down 71,242 lots to 300,000 lots only. Speculative activities decreased sharply, and SHFE copper prices got weak support at the 10-day moving average of RMB 60,400/mt.