Home / Metal News / Copper / SMM Brief on SHFE Copper Prices on Mar. 23
SMM Brief on SHFE Copper Prices on Mar. 23
Mar 23,2012 15:36CST
smm insight
Source:SMM
As LME copper prices plunged by 1.6% overnight, the most actively-traded SHFE 1206 copper contract opened RMB 120/mt lower at RMB 59,840/mt Friday.

SHANGHAI, Mar. 23 (SMM) –As LME copper prices plunged by 1.6% overnight, the most actively-traded SHFE 1206 copper contract opened RMB 120/mt lower at RMB 59,840/mt Friday. SHFE copper prices fluctuated around the opening price, with a fluctuating band only within RMB 200/mt and reaching a low at RMB 59,560/mt. At the tail of trading, as LME copper prices abruptly gained momentum, SHFE copper prices rose rapidly and broke through the RMB 60,000/mt mark to an intraday high of RMB 60,050/mt, as large-scale positions were closed. Finally, SHFE 1206 copper contract closed at RMB 60,030/t, up RMB 70/mt or 0.12%. Positions for SHFE 1206 copper contract were down 15,050 lots, and trading volumes were down 166,000 lots, highlighting rising risk aversion sentiment before the weekend. Speculative activities decreased sharply. SHFE copper prices still faced resistance at RMB 60,000/mt but showed strong resilience. 
 

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