SMM Brief on SHFE Copper Prices on May 3

SHANGHAI, May 3 (SMM) – As LME copper prices fell and tested support at the 30-day moving average overnight, SHFE 1208 copper contract, the most active one, opened RMB 250/mt lower at RMB 58,500/mt Thursday. SHFE copper prices posted weak performance following the opening, fluctuating in a narrow band and reaching a high at only RMB 58,550/mt. In the afternoon session, SHFE copper prices slid below RMB 58,300/mt and trended lower towards RMB 58,010/mt. Finally, SHFE 1208 copper contract ended at RMB 58,100/mt, down RMB 650/mt or 1.11%, with positions increasing by 14,738 lots but trading volumes decreasing by 35,486 lots. Due to great selling pressures from short investors, SHFE copper prices may lose the 5-day moving average, but with strong support at the RMB 58,000/mt mark.