Home / Metal News / Minor Metals / SMM Brief on SHFE Copper Prices on Mar. 20
SMM Brief on SHFE Copper Prices on Mar. 20
Mar 20,2012 17:32CST
smm insight
Source:SMM
SHFE 1206 copper contract prices, the most active one, opened RMB 310/mt higher at RMB 60,660/mt Tuesday.

SHANGHAI, Mar. 20 (SMM) –SHFE 1206 copper contract prices, the most active one, opened RMB 310/mt higher at RMB 60,660/mt Tuesday. After the opening, SHFE copper prices slid immediately after fluctuating briefly, and only touched a high at RMB 60,790/mt. As a large number of short investors entered the market, positions increased to nearly 13,000 lots. SHFE copper prices thus drifted lower, retreating to around RMB 60,200/mt before the midday, but eased the falling momentum after touching the previous day’s low of RMB 60,120/mt. At the tail of trading, SHFE copper prices followed LME copper prices to rally above the daily moving average. However, due to position closings and as the Shanghai Composite Index fell by 1.4%, SHFE 1206 copper contract prices ended flat at RMB 60,350/mt. Positions for SHFE 1206 copper contracts were up 7,404 lots, and trading volumes were up 79,260 lots. SHFE copper prices will fluctuate near current values over the near term, due to unclear guidance from technical indicators but support at the low-end.
 

SHFE copper prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news