SMM Brief on SHFE Copper Prices on May 16-Shanghai Metals Market

Hot Keywords

  • Rare earth
  • Aluminium
  • Sales data
  • Customs data
  • Macroeconomics
  • Copper
  • Inventory data
  • MMi Iron Ore Port Index
  • precious metals
  • Futures movement
  • Zinc
  • Rare earths
  • Market commentary
  • Evening comments
  • Tin

SMM Brief on SHFE Copper Prices on May 16

SMM Insight 05:03:20PM May 16, 2012 Source:SMM

SHANGHAI, May 16 (SMM) – As LME copper extended losing streak overnight, the most active SHFE 1208 copper contract opened RMB 130/mt down at RMB 55,530/mt Wednesday. After the opening, the contract drifted lower after hovering briefly around the opening price, with a high at RMB 55,700/mt. In the afternoon session, LME copper slid below USD 7,700/mt and dragged down the contract gradually to as low as RMB 54,660/mt after losing RMB 55,000/mt. Finally, SHFE 1208 copper contract ended at RMB 54,690/mt, down RMB 970/mt or 1.74%, with trading volumes and positions falling by 16,980 lots and 3,624 lots, respectively. However, trading volumes and positions for SHFE 1209 copper contract increased by 109,000 lots and 61,138 lots, respectively, highlighting the continuous shift of the most active copper contract. Positions for all SHFE copper contracts exceeded 600,000 lots as short investors began to dampen markets, inverting from previous cautious attitudes. In this context, SHFE copper prices will continue to fall for the foreseeable future.

 

Key Words:  SHFE copper prices  

SMM Brief on SHFE Copper Prices on May 16

SMM Insight 05:03:20PM May 16, 2012 Source:SMM

SHANGHAI, May 16 (SMM) – As LME copper extended losing streak overnight, the most active SHFE 1208 copper contract opened RMB 130/mt down at RMB 55,530/mt Wednesday. After the opening, the contract drifted lower after hovering briefly around the opening price, with a high at RMB 55,700/mt. In the afternoon session, LME copper slid below USD 7,700/mt and dragged down the contract gradually to as low as RMB 54,660/mt after losing RMB 55,000/mt. Finally, SHFE 1208 copper contract ended at RMB 54,690/mt, down RMB 970/mt or 1.74%, with trading volumes and positions falling by 16,980 lots and 3,624 lots, respectively. However, trading volumes and positions for SHFE 1209 copper contract increased by 109,000 lots and 61,138 lots, respectively, highlighting the continuous shift of the most active copper contract. Positions for all SHFE copper contracts exceeded 600,000 lots as short investors began to dampen markets, inverting from previous cautious attitudes. In this context, SHFE copper prices will continue to fall for the foreseeable future.

 

Key Words:  SHFE copper prices