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SMM Brief on SHFE Copper Prices on Apr. 23
Apr 23,2012 15:39CST
smm insight
Source:SMM
As LME copper prices advanced significantly last Friday, the most-traded SHFE copper contract for delivery in July opened RMB 280/mt higher at RMB 58,020/mt Monday.

SHANGHAI, Apr. 23 (SMM) –As LME copper prices advanced significantly last Friday, the most-traded SHFE copper contract for delivery in July opened RMB 280/mt higher at RMB 58,020/mt Monday. As the flash China manufacturing PMI was reported to remain below the boom-or-bust level, LME copper prices retreated to test the 10-day moving average. The Shanghai Composite Index also fell by nearly 1%, causing SHFE copper prices to lose all the early gains before the midday and slide to as low as RMB 57,300/mt. Finally, SHFE 1207 copper contract prices ended at RMB 57,330/mt, down RMB 410/mt or 0.71%. Positions and trading volumes for SHFE 1207 copper contract increased by 4,688 lots and 38,608 lots, respectively, while positions for SHFE 1208 copper contract increased by 25,304 lots. With increasing sell-offs, SHFE copper prices found weak support at the 5-day moving average.


 

SHFE copper prices

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