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SMM Brief on SHFE Copper Prices on Mar. 29
Mar 29,2012 16:07CST
smm insight
Source:SMM
As LME copper prices continued to extend losses overnight, the most actively-traded SHFE 1206 copper contract opened RMB 520/mt lower at RMB 59,820/mt Thursday.

SHANGHAI, Mar. 29 (SMM) –As LME copper prices continued to extend losses overnight, the most actively-traded SHFE 1206 copper contract opened RMB 520/mt lower at RMB 59,820/mt Thursday. As the Shanghai Composite Index continued to fall by 1.5% during the day, SHFE copper prices fluctuated weakly around RMB 59,600/mt and faced new resistance at the RMB 60,000/mt mark, with an intraday high and low at RMB 59,950/mt and RMB 59,510/mt, respectively. Finally, SHFE 1206 copper contract prices closed at RMB 59,740/mt, down RMB 600/mt or 0.99%. Positions and trading volumes for SHFE 1206 copper contracts decreased by 19,582 lots and 5,700 lots, respectively, while those for SHFE 1206 copper contracts increased by 18,356 lots and 93,794 lots, respectively. In this context, the shift of the most actively-traded copper contracts is expected to be completed Friday. Trading sentiment was low during the whole trading day, and SHFE copper prices will test support at the 60-day moving average repeatedly.
 

SHFE copper prices

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