SMM Brief on SHFE Copper Prices on May 25-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on May 25

SMM Insight 05:49:35PM May 25, 2012 Source:SMM

SHANGHAI, May 25 (SMM) – As LME copper extended the losing streak, the most active SHFE 1209 copper contract started RMB 260/mt lower at RMB 55,150/mt Friday. The contract moved lower following the opening as longs closed positions, down to RMB 54,830/mt. In the afternoon, a falling US dollar helped LME copper rally to USD 7,600/mt, so the contract climbed to a high of RMB 55,460/mt after breaking RMB 55,000/mt abruptly. In this context, shorts chose to leave the market. Chinese stock markets lost by nearly 1% and also dragged down SHFE copper prices. Finally, SHFE 1209 copper contract closed RMB 480/mt or 0.87% up at RMB 55,370/mt, with trading volumes decreasing by 69,196 lots but positions increasing by 5,386 lots. Due to increasing divergence, both longs and shorts were wary of operations at RMB 55,000/mt to avoid overnight risks.

 

Price

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#1 Lead
Sep.20
16875.0
50.0
(0.30%)
#1 Lead - Guangdong
Sep.20
16950.0
75.0
(0.44%)
#1 Lead - Henan
Sep.20
16925.0
100.0
(0.59%)
#1 Lead -Tianjin
Sep.20
16925.0
100.0
(0.59%)
#2 Lead
Sep.20
16700.0
50.0
(0.30%)

SMM Brief on SHFE Copper Prices on May 25

SMM Insight 05:49:35PM May 25, 2012 Source:SMM

SHANGHAI, May 25 (SMM) – As LME copper extended the losing streak, the most active SHFE 1209 copper contract started RMB 260/mt lower at RMB 55,150/mt Friday. The contract moved lower following the opening as longs closed positions, down to RMB 54,830/mt. In the afternoon, a falling US dollar helped LME copper rally to USD 7,600/mt, so the contract climbed to a high of RMB 55,460/mt after breaking RMB 55,000/mt abruptly. In this context, shorts chose to leave the market. Chinese stock markets lost by nearly 1% and also dragged down SHFE copper prices. Finally, SHFE 1209 copper contract closed RMB 480/mt or 0.87% up at RMB 55,370/mt, with trading volumes decreasing by 69,196 lots but positions increasing by 5,386 lots. Due to increasing divergence, both longs and shorts were wary of operations at RMB 55,000/mt to avoid overnight risks.