Home / Metal News / Minor Metals / SMM Brief on SHFE Copper Prices on May 7
SMM Brief on SHFE Copper Prices on May 7
May 7,2012 15:35CST
smm insight
Source: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.

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.
 

SHFE 1208 copper contract

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