SMM Brief on SHFE Copper Prices on Jul. 3-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 3

SMM Insight 05:49:57PM Jul 03, 2012 Source:SMM

SHANGHAI, Jul. 3 (SMM) – As LME copper gave up some of the gains overnight, SHFE 1210 copper contract, the most active one, started RMB 170/mt down at RMB 55,320/mt Tuesday. The contract stabilized at the daily moving average following the opening but still suffered resistance at RMB 55,500/mt. LME copper surged rapidly to USD 7,800/mt during major trading hours and helped the contract also increase above the RMB 56,000/mt mark, with a high at RMB 56,310/mt. In the afternoon, SHFE 1210 copper contract was restricted at the 60-day moving average and hovered at the high of RMB 56,100/mt. The Shanghai Composite Index dipped from earlier highs at the tail of trading, so SHFE copper prices lost RMB 56,000/mt. Finally, SHFE 1210 copper contract still closed RMB 610/mt or 1.10% up at RMB 56,100/mt, with trading volumes adding by 109,000 lots but positions decreasing by 13,438 lots. As shorts took a wait-and-see posture temporarily to shun risks during the day, SHFE copper prices failed to effectively break resistance at the 60-day moving average and are likely to test this price point repeatedly for the foreseeable future.
 

Key Words:  SHFE copper Tuesday 

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#1 Refined Cu
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46300.0
-115.0
(-0.25%)
Aluminum Ingot
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14310.0
-50.0
(-0.35%)
#1 Lead
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16875.0
0.0
(0.00%)
0# Zinc
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18670.0
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132000.0
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(-0.38%)

SMM Brief on SHFE Copper Prices on Jul. 3

SMM Insight 05:49:57PM Jul 03, 2012 Source:SMM

SHANGHAI, Jul. 3 (SMM) – As LME copper gave up some of the gains overnight, SHFE 1210 copper contract, the most active one, started RMB 170/mt down at RMB 55,320/mt Tuesday. The contract stabilized at the daily moving average following the opening but still suffered resistance at RMB 55,500/mt. LME copper surged rapidly to USD 7,800/mt during major trading hours and helped the contract also increase above the RMB 56,000/mt mark, with a high at RMB 56,310/mt. In the afternoon, SHFE 1210 copper contract was restricted at the 60-day moving average and hovered at the high of RMB 56,100/mt. The Shanghai Composite Index dipped from earlier highs at the tail of trading, so SHFE copper prices lost RMB 56,000/mt. Finally, SHFE 1210 copper contract still closed RMB 610/mt or 1.10% up at RMB 56,100/mt, with trading volumes adding by 109,000 lots but positions decreasing by 13,438 lots. As shorts took a wait-and-see posture temporarily to shun risks during the day, SHFE copper prices failed to effectively break resistance at the 60-day moving average and are likely to test this price point repeatedly for the foreseeable future.
 

Key Words:  SHFE copper Tuesday