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

Hot Keywords

  • Nickel market
  • Morning comments
  • Tradeflow
  • Market commentary
  • Silicon
  • zinc
  • Poland
  • Nickel
  • Copper
  • Lead
  • Aluminium
  • Production data
  • MMi Iron Ore Port Index
  • Zinc
  • Inventory data

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

more
#1 Refined Cu
Dec.06
47375.0
100.0
(0.21%)
Standard-Grade Copper
Dec.06
47370.0
100.0
(0.21%)
High-Grade Copper
Dec.06
47380.0
100.0
(0.21%)
Guixi Copper
Dec.06
47385.0
105.0
(0.22%)
Low-Quality Copper
Dec.06
47290.0
100.0
(0.21%)

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.