SMM Brief on SHFE Copper Prices on May 11

SHANGHAI, May 11 (SMM) – The most active SHFE 1208 copper contract started RMB 120/mt higher at RMB 57,680/mt Friday, as LME copper prices pared losses overnight. After the opening, SHFE copper prices met resistance at the 20-day moving average and so drifted lower to RMB 57,500/mt plus selling pressures, with a high only touching RMB 57,720/mt. In the afternoon, the Shanghai Composite Index lost 2,400, which sent SHFE copper prices down to around RMB 57,350/mt before sliding to as low as RMB 57,250/mt. Finally, SHFE 1208 copper contract ended RMB 220/mt or 0.38% lower at RMB 57,340/mt, with trading volumes and positions increasing by 37,798 lots and 12,834 lots, respectively. Positions for 1209 copper contract added by 13,068 lots. SHFE copper prices still found support at RMB 57,000/mt but faced increasing selling pressures.