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SMM Brief on SHFE Copper Prices on Apr. 27
Apr 27,2012 16:49CST
smm insight
Source:SMM
As LME copper prices rallied to USD 8,300/mt overnight, SHFE 1208 copper contract, the most active one, opened RMB 550/mt higher at RMB 58,510/mt Friday.

SHANGHAI, Apr. 27 (SMM) – As LME copper prices rallied to USD 8,300/mt overnight, SHFE 1208 copper contract, the most active one, opened RMB 550/mt higher at RMB 58,510/mt Friday. As long and short investors increased positions, SHFE copper prices fluctuated within RMB 300/mt after the opening, and only reached a high at RMB 58,640/mt. In the afternoon session, SHFE copper prices basically lurched stably above their daily moving average, but edged lower at the tail of trading as long investors took profit-taking. SHFE 1208 copper contract finally ended RMB 500/mt or 0.86% higher at RMB 58,460/mt, with trading volumes and positions decreasing by 49,086 lots and 1,248 lots, respectively. New positions built by both long and short investors amounted to about 12,000 lots during the day, implying severe struggle between them. SHFE copper prices face great resistance at the 20-day moving average of RMB 58,500/mt over the near term and have an uneven road to trend higher.
 

SHFE copper prices

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