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SMM Brief on SHFE Copper Prices on Mar. 27
Mar 27,2012 17:04CST
smm insight
Source:SMM
As LME copper prices surged overnight, the most actively-traded SHFE 1206 copper contract opened RMB 700/mt higher at RMB 60,900/mt Tuesday.

SHANGHAI, Mar. 27 (SMM) –As LME copper prices surged overnight, the most actively-traded SHFE 1206 copper contract opened RMB 700/mt higher at RMB 60,900/mt Tuesday. SHFE copper prices fell and came under pressure at the daily moving average after the opening, continuing to fluctuate narrowly in the face of weak Chinese stock markets, finding temporary support at RMB 60,570/mt. At the tail of trading, as LME copper prices rallied, SHFE copper prices broke resistance at the daily moving average, but failed to soar through RMB 61,000/mt before reaching a high at RMB 60,950/mt. Finally, SHFE 1206 copper contract prices slid below the daily moving average as positions were closed, but still ended RMB 510/mt or 0.85% higher at RMB 60,710/mt. Positions for SHFE 1206 copper contracts were down 14,470 lots, and trading volumes were down 9,200 lots. Positions and trading volumes for HFE 1207 copper contracts, though, increased by 11,860 lots, and 38,110 lots, respectively, a sign of the shift of the most actively-traded copper contracts. Speculative interest was low, and SHFE copper prices still faced pressures at the RMB 61,000/mt mark.
 

SHFE copper prices

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