SMM Brief on SHFE Copper Prices on Mar. 26

SHANGHAI, Mar. 26 (SMM) –As LME copper prices stopped falling and began to rally last Friday, the most actively-traded SHFE 1206 copper contract opened RMB 120/mt higher at RMB 60,190/mt Monday. SHFE copper prices continued to fluctuate around the daily moving average during the whole trading day, facing pressures at RMB 60,500/mt and only reaching RMB 60,370/mt at the high-end. In the afternoon session, weak Shanghai Composite Index and the falling LME copper prices dragged down SHFE copper prices, which came under pressure at the daily moving average and slid to RMB 60,060/mt. Finally, SHFE 1206 copper contract prices closed at RMB 60,180/mt, up RMB 430/mt or 0.72%, but with technical indicators pointing downward. Positions for SHFE 1206 copper contracts decreased by 8,228 lots, and trading volumes fell by 51,346 lots to less than 210,000 lots during the whole trading day, highlighting low market activity. SHFE copper prices faced increasing technical pressures.