SMM Brief on SHFE Copper Prices on Jun. 14-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jun. 14

SMM Insight 03:46:02PM Jun 14, 2012 Source:SMM

SHANGHAI, Jun. 14 (SMM) – As LME copper narrowed gains overnight, SHFE 1209 copper contract, the most active one, started RMB 140/mt down at RMB 53,820/mt Thursday. After the opening, as longs bought SHFE 1210 copper contract in large quantities, SHFE 1209 copper contract was pushed up stably. Near the midday, LME copper rose rapidly by nearly USD 100/mt, helping the most active copper contract on the SHFE increase above RMB 54,000/mt before reaching an intraday high at RMB 54,410/mt. However, in the afternoon session, as LME copper retreated below USD 7,400/mt on a rallying US dollar index, and since the Shanghai Composite Index slid below 2,300, SHFE copper sank below the daily moving average and gradually narrowed daily gains. But SHFE 1209 copper contract still closed RMB 130/mt or 0.24% higher at RMB 54,090/mt, with trading volumes increasing by 55,684 lots but positions falling by 8,394 lots. Trading volumes and positions for SHFE 1210 copper contract added by 78,446 lots and 21,810 lots, respectively, highlighting the continuous shift of the most active copper contract. SHFE copper found temporary support at RMB 53,500/mt.
 

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SMM Brief on SHFE Copper Prices on Jun. 14

SMM Insight 03:46:02PM Jun 14, 2012 Source:SMM

SHANGHAI, Jun. 14 (SMM) – As LME copper narrowed gains overnight, SHFE 1209 copper contract, the most active one, started RMB 140/mt down at RMB 53,820/mt Thursday. After the opening, as longs bought SHFE 1210 copper contract in large quantities, SHFE 1209 copper contract was pushed up stably. Near the midday, LME copper rose rapidly by nearly USD 100/mt, helping the most active copper contract on the SHFE increase above RMB 54,000/mt before reaching an intraday high at RMB 54,410/mt. However, in the afternoon session, as LME copper retreated below USD 7,400/mt on a rallying US dollar index, and since the Shanghai Composite Index slid below 2,300, SHFE copper sank below the daily moving average and gradually narrowed daily gains. But SHFE 1209 copper contract still closed RMB 130/mt or 0.24% higher at RMB 54,090/mt, with trading volumes increasing by 55,684 lots but positions falling by 8,394 lots. Trading volumes and positions for SHFE 1210 copper contract added by 78,446 lots and 21,810 lots, respectively, highlighting the continuous shift of the most active copper contract. SHFE copper found temporary support at RMB 53,500/mt.