SMM Brief on SHFE Copper Prices on May 9

SHANGHAI, May 9 (SMM) – Weighed by the falling LME copper overnight, the most active SHFE 1208 copper contract started RMB 290/mt down at RMB 57,250/mt Wednesday. As the Shanghai Composite Index lowered to test 2,400, and as LME copper lost USD 8,100/mt, SHFE 1208 copper contract came under pressure at RMB 57,500/mt, reaching a high at RMB 57,480/mt and finding support at the RMB 57,000/mt mark, as bargain hunting at the lows helped the contract show resilience. The lowest price for SHFE 1208 copper contract was RMB 57,050/mt, and the fluctuating band was only RMB 200/mt. Finally, the most active copper contract ended RMB 450/mt or 0.78% lower at RMB 57,390/mt, with trading volumes and positions increasing by 75,096 lots and 6,314 lots, respectively. Positions for SHFE 1209 copper contract added by 10,000 lots, and selling pressures for SHFE forward copper contracts were noticeable.