SMM Brief on SHFE Copper Prices on Jun. 28

SMM Insight 04:22:15PM Jun 28, 2012 Source:SMM

SHANGHAI, Jun. 28 (SMM) – As LME copper stabilized overnight, SHFE 1210 copper contract, the most active one, started RMB 670/mt higher at RMB 54,300/mt Thursday. After the opening, both longs and shorts chose to close positions on a large scale, and the Shanghai Composite Index retreated below 2,200, causing the contract to fall after climbing to RMB 54,400/mt. SHFE 1210 copper contract came under pressure at the daily moving average during the whole session, and tested a low at RMB 54,060/mt. Finally, the most active copper contract for October delivery ended RMB 570/mt or 1.06% up at RMB 54,200/mt, with trading volumes and positions decreasing by 136,000 lots and 27,128 lots, respectively. The turnover rate exceeded 130% amid position closings. SHFE copper prices are not expected to see any major changes in movements Friday, the last trading of this month, awaiting new directions for the second half of this year.
 

SMM Brief on SHFE Copper Prices on Jun. 28

SMM Insight 04:22:15PM Jun 28, 2012 Source:SMM

SHANGHAI, Jun. 28 (SMM) – As LME copper stabilized overnight, SHFE 1210 copper contract, the most active one, started RMB 670/mt higher at RMB 54,300/mt Thursday. After the opening, both longs and shorts chose to close positions on a large scale, and the Shanghai Composite Index retreated below 2,200, causing the contract to fall after climbing to RMB 54,400/mt. SHFE 1210 copper contract came under pressure at the daily moving average during the whole session, and tested a low at RMB 54,060/mt. Finally, the most active copper contract for October delivery ended RMB 570/mt or 1.06% up at RMB 54,200/mt, with trading volumes and positions decreasing by 136,000 lots and 27,128 lots, respectively. The turnover rate exceeded 130% amid position closings. SHFE copper prices are not expected to see any major changes in movements Friday, the last trading of this month, awaiting new directions for the second half of this year.