Home / Metal News / Copper / SMM Brief on SHFE Copper Prices on Apr. 19
SMM Brief on SHFE Copper Prices on Apr. 19
Apr 19,2012 15:31CST
smm insight
Source:SMM
The most-traded SHFE copper contract for delivery in July opened RMB 150/mt lower at RMB 57,310/mt Thursday.

SHANGHAI, Apr. 19 (SMM) –The most-traded SHFE copper contract for delivery in July opened RMB 150/mt lower at RMB 57,310/mt Thursday. A falling US dollar during the day helped LME copper prices stand above USD 8,000/mt, which caused SHFE copper prices to stabilize around RMB 57,500/mt with an intraday low only at RMB 57,300/mt. At the tail of trading, as short investors were wary of building positions, SHFE copper prices surged to an intraday high of RMB 57,740/mt, which was lower than the prior day’s level, however, since the Shanghai Composite Index closed down. Finally, SHFE 1207 copper contract closed at RMB 57,670/mt, up RMB 210/mt or 0.37%. Trading volumes and positions for SHFE 1207 copper contract decreased by 266,000 lots and 6,080 lots, respectively, but positions for SHFE 1208 copper contract increased by 10,232 lots. SHFE copper prices won support at the 5-day moving average, but struggle between long and short investors existed. Coupled with limited bargain hunting when copper prices rebounded for a second day, sustainability of rebounds needs to be tested.
 

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