SMM Brief on SHFE Copper Prices on Jul. 4-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 4

SMM Insight 04:23:18PM Jul 04, 2012 Source:SMM

SHANGHAI, Jul. 4 (SMM) – As LME copper steadied overnight, SHFE 1210 copper contract, the most active one, started RMB 100/mt up at RMB 56,020/mt Wednesday. Following suits in LME copper, the contract climbed to RMB 56,300/mt after the opening. However, as the US dollar index rebounded, LME copper came under pressure and began sliding. Coupled with a slipping Shanghai Composite Index, SHFE 1210 copper contract trended down and touched a low at RMB 55,810/mt in the afternoon. Finally, the most active copper contract for October delivery still closed RMB 50/mt or 0.09% higher at RMB 55,970/mt, with trading volumes and positions decreasing by 162,000 lots and 9,562 lots, respectively. SHFE copper prices found temporary support at the 60-day moving average as both shorts and longs conducted intraday operations, awaiting directions from central banks’ moves later.
 

Price

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#1 Refined Cu
Aug.20
46655.0
175.0
(0.38%)
Standard-Grade Copper
Aug.20
46645.0
180.0
(0.39%)
High-Grade Copper
Aug.20
46665.0
175.0
(0.38%)
Guixi copper
Aug.20
46675.0
180.0
(0.39%)
Low-quality copper
Aug.20
46610.0
170.0
(0.37%)

SMM Brief on SHFE Copper Prices on Jul. 4

SMM Insight 04:23:18PM Jul 04, 2012 Source:SMM

SHANGHAI, Jul. 4 (SMM) – As LME copper steadied overnight, SHFE 1210 copper contract, the most active one, started RMB 100/mt up at RMB 56,020/mt Wednesday. Following suits in LME copper, the contract climbed to RMB 56,300/mt after the opening. However, as the US dollar index rebounded, LME copper came under pressure and began sliding. Coupled with a slipping Shanghai Composite Index, SHFE 1210 copper contract trended down and touched a low at RMB 55,810/mt in the afternoon. Finally, the most active copper contract for October delivery still closed RMB 50/mt or 0.09% higher at RMB 55,970/mt, with trading volumes and positions decreasing by 162,000 lots and 9,562 lots, respectively. SHFE copper prices found temporary support at the 60-day moving average as both shorts and longs conducted intraday operations, awaiting directions from central banks’ moves later.