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SMM Brief on SHFE Copper Prices on Mar. 21
Mar 21,2012 15:53CST
smm insight
Source: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.

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.  
 

SHFE copper prices

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