SMM Brief on SHFE Copper Prices on Mar. 21

SHANGHAI, Mar. 21 (SMM) –As LME copper prices retreated overnight, SHFE 1206 copper contract prices, the most active one, opened RMB 470/mt lower at RMB 59,980/mt Wednesday. After the opening, SHFE copper prices rose rapidly and broke resistance at the RMB 60,000/mt mark as long investors entered the market, with a low only touching RMB 59,950/mt. However, SHFE copper prices failed to break through the RMB 60,500/mt level during the whole trading day, and later returned to fluctuate around the daily moving average of RMB 60,300/mt as long investors conducted profit-taking. Finally, the most actively-traded copper contracts ended at RMB 60,400/mt, down RMB 50/mt, or a loss of 0.08%. Positions for the most actively-traded copper contracts were down 6,734 lots, and trading volumes were down 44,772 lots. With solid support at the RMB 60,000/mt, SHFE copper prices remained fluctuating near current values.