SMM Brief on SHFE Copper Prices on May 7-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on May 7

SMM Insight 03:35:22PM May 07, 2012 Source:SMM

SHANGHAI, May 7 (SMM) – As LME copper prices retreated last Friday on the softer US economic data, SHFE 1208 copper contract, the most active one, opened RMB 470/mt lower at RMB 57,680/mt Monday, and only fluctuated in a narrow band of RMB 150/mt during the day due to a lack of guidance from LME copper. Slightly increasing Chinese stock markets provided some support for the low-end SHFE copper price. With the lowest and highest at RMB 57,310/mt and RMB 57,730/mt, respectively, SHFE 1208 copper contract finally settled at RMB 57,590/mt, down RMB 560/mt or 0.96%. Trading volumes for the contract increased by 47,476 lots, and positions added by 13,932 lots. As selling pressures from short investors heightened during the day, SHFE copper prices shied away from major recent moving averages and were likely to lose support at RMB 57,500/mt.
 

Price

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Silicon Metal East China (553#)
Oct.18
10550.0
0.0
(0.00%)
Silicon Metal East China (553# with Oxygen)
Oct.18
11100.0
0.0
(0.00%)
Silicon Metal East China (521#)
Oct.18
11450.0
0.0
(0.00%)
Silicon Metal East China (441#)
Oct.18
11400.0
0.0
(0.00%)
Silicon Metal East China (421#)
Oct.18
11700.0
0.0
(0.00%)

SMM Brief on SHFE Copper Prices on May 7

SMM Insight 03:35:22PM May 07, 2012 Source:SMM

SHANGHAI, May 7 (SMM) – As LME copper prices retreated last Friday on the softer US economic data, SHFE 1208 copper contract, the most active one, opened RMB 470/mt lower at RMB 57,680/mt Monday, and only fluctuated in a narrow band of RMB 150/mt during the day due to a lack of guidance from LME copper. Slightly increasing Chinese stock markets provided some support for the low-end SHFE copper price. With the lowest and highest at RMB 57,310/mt and RMB 57,730/mt, respectively, SHFE 1208 copper contract finally settled at RMB 57,590/mt, down RMB 560/mt or 0.96%. Trading volumes for the contract increased by 47,476 lots, and positions added by 13,932 lots. As selling pressures from short investors heightened during the day, SHFE copper prices shied away from major recent moving averages and were likely to lose support at RMB 57,500/mt.