SMM Brief on SHFE Copper Prices on Jun. 13

SMM Insight 04:07:23PM Jun 13, 2012 Source:SMM

SHANGHAI, Jun. 13 (SMM) – SHFE 1209 copper contract started RMB 190/mt higher at RMB 53,960/mt Wednesday, and then fluctuated around RMB 54,000/mt. In the afternoon, as the Shanghai Composite Index broke resistance at 2,300 and surged by 1.3%, and since LME copper rallied from the lows, the contract climbed to RMB 54,140/mt and completely stood above the daily moving average. Finally, SHFE 1209 copper contract settled RMB 300/mt or 0.56% higher at RMB 54,070/mt, with trading volumes and positions falling by 35,142 lots and 5,992 lots, respectively. Positions for all SHFE copper contracts decreased by 7,170 lots. Trading sentiment weakened noticeably during the week, and SHFE copper will stay volatile ahead of the Greek election.
 

SMM Brief on SHFE Copper Prices on Jun. 13

SMM Insight 04:07:23PM Jun 13, 2012 Source:SMM

SHANGHAI, Jun. 13 (SMM) – SHFE 1209 copper contract started RMB 190/mt higher at RMB 53,960/mt Wednesday, and then fluctuated around RMB 54,000/mt. In the afternoon, as the Shanghai Composite Index broke resistance at 2,300 and surged by 1.3%, and since LME copper rallied from the lows, the contract climbed to RMB 54,140/mt and completely stood above the daily moving average. Finally, SHFE 1209 copper contract settled RMB 300/mt or 0.56% higher at RMB 54,070/mt, with trading volumes and positions falling by 35,142 lots and 5,992 lots, respectively. Positions for all SHFE copper contracts decreased by 7,170 lots. Trading sentiment weakened noticeably during the week, and SHFE copper will stay volatile ahead of the Greek election.