Metals News
SMM Brief on SHFE Copper Prices on May 18
smm insight
May 18,2012

SHANGHAI, May 18 (SMM) – As LME copper fell overnight, SHFE 1209 copper contract opened RMB 140/mt down at RMB 54,950/mt Friday. LME copper prices sank after meeting resistance at USD 7,700/mt during the day, and Chinese stock markets gave up all the previous day’s gains. In this context, SHFE 1209 copper contract fluctuated in a wide band, came under pressure at the 5-day moving average of RMB 55,480/mt, but slid rapidly in the afternoon to as low as RMB 54,810/mt. Finally, SHFE 1209 copper contract settled RMB 140/mt or 0.25% higher at RMB 55,230/mt, with trading volumes and positions increasing by 182,000 lots and 21,588 lots, respectively. The struggle at RMB 55,000/mt between longs and shorts was severe, and short-term shorts began to return to markets. SHFE copper prices are likely to test RMB 55,000/mt repeatedly for the foreseeable future in the face of selling pressures and technical resistance.      

SHFE 1209 copper contract prices
For queries, please contact Frank LIU at
For more information on how to access our research reports, please email
Related Price

No Data