SMM Brief on SHFE Copper Prices on May 29-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on May 29

SMM Insight 04:35:47PM May 29, 2012 Source:SMM

SHANGHAI, May 29 (SMM) – The most active SHFE copper contract for September delivery started RMB 30/mt lower at RMB 55,890/mt Tuesday. After the opening, the contract lurched around RMB 55,800/mt as shorts imposed selling pressures, testing a low at RMB 55,680/mt. In the afternoon however, as LME copper rose to USD 7,700/mt again on a rapidly falling US dollar index, and since the Shanghai Composite Index surged by 1.3%, SHFE 1209 copper contract gained rising momentum after hovering narrowly around RMB 56,100/mt, touching a high at RMB 56,230/mt at the tail of trading, Nevertheless, owing to large-scale position closings, the most active copper contract pared daily gains before finally ending RMB 160/mt or 0.29% higher at RMB 56,080/mt, with trading volumes increasing by 30,140 lots but positions decreasing by 5,468 lots. Positions for all SHFE copper contracts fell by 15,620 lots. Longs took profit-taking during the day, and combined with a substantive support, SHFE copper prices faced the risk to slide further over the near term.

 

Price

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#1 Lead
Sep.12
17350.0
75.0
(0.43%)
#1 Lead - Guangdong
Sep.12
17375.0
50.0
(0.29%)
#1 Lead - Henan
Sep.12
17375.0
75.0
(0.43%)
#1 Lead -Tianjin
Sep.12
17325.0
25.0
(0.14%)
#2 Lead
Sep.12
17125.0
25.0
(0.15%)

SMM Brief on SHFE Copper Prices on May 29

SMM Insight 04:35:47PM May 29, 2012 Source:SMM

SHANGHAI, May 29 (SMM) – The most active SHFE copper contract for September delivery started RMB 30/mt lower at RMB 55,890/mt Tuesday. After the opening, the contract lurched around RMB 55,800/mt as shorts imposed selling pressures, testing a low at RMB 55,680/mt. In the afternoon however, as LME copper rose to USD 7,700/mt again on a rapidly falling US dollar index, and since the Shanghai Composite Index surged by 1.3%, SHFE 1209 copper contract gained rising momentum after hovering narrowly around RMB 56,100/mt, touching a high at RMB 56,230/mt at the tail of trading, Nevertheless, owing to large-scale position closings, the most active copper contract pared daily gains before finally ending RMB 160/mt or 0.29% higher at RMB 56,080/mt, with trading volumes increasing by 30,140 lots but positions decreasing by 5,468 lots. Positions for all SHFE copper contracts fell by 15,620 lots. Longs took profit-taking during the day, and combined with a substantive support, SHFE copper prices faced the risk to slide further over the near term.