SMM Brief on SHFE Copper Prices on Jun. 15

SHANGHAI, Jun. 15 (SMM) – As LME copper held firm overnight, SHFE 1209 copper contract, the most active one, started RMB 310/mt up at RMB 54,370/mt Friday. After the opening, a sliding US dollar index helped LME copper break resistance at USD 7,500/mt, which caused the contract to rise all the way amid position closings. SHFE 1209 copper contract touched a high at RMB 55,120/mt in the afternoon after breaking resistance at RMB 55,000/mt. Finally, the most active copper contract closed RMB 1,010/mt or 1.87% higher at RMB 55,070/mt, with trading volumes and positions decreasing by 11,140 lots and 27,880 lots, respectively. Total trading volumes for all SHFE copper contracts added by 27,880 lots, but total positions fell by 40,286 lots. Risk aversion amongst shorts and longs grew ahead of the Greek election, and SHFE copper failed to gain entirely effective support at the 20-day moving average of RMB 54,600/mt.