SMM Brief on SHFE Copper Prices on Jul. 9-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 9

SMM Insight 03:30:03PM Jul 09, 2012 Source:SMM

SHANGHAI, Jul. 9 (SMM) – As LME copper tumbled last Friday, SHFE 1210 copper contract, the most active one, started RMB 700/mt down at RMB 55,040/mt Monday. The contract hovered between RMB 55,100-55,200/mt before the midday as the Shanghai Composite Index retreated below 2,200 and LME copper lurched stably, winning support at RMB 55,000/mt. In the afternoon, as LME copper broke resistance at USD 7,560/mt, the contract climbed to as high as RMB 55,390/mt along with surging domestic agricultural products. However, at the tail of trading, the Shanghai Composite Index extended weakness and dropped sharply by 2.5%, sending SHFE 1210 copper contract back to the morning's fluctuating range. Finally, the most active copper contract for October delivery settled RMB 560/mt or 1% lower at RMB 55,180/mt, with trading volumes and positions decreasing by 100,000 lots and 2,708 lots, respectively. Technical indicators had signs of pointing downside, SHFE copper prices found weak support at the RMB 55,000/mt mark.
 

SMM Brief on SHFE Copper Prices on Jul. 9

SMM Insight 03:30:03PM Jul 09, 2012 Source:SMM

SHANGHAI, Jul. 9 (SMM) – As LME copper tumbled last Friday, SHFE 1210 copper contract, the most active one, started RMB 700/mt down at RMB 55,040/mt Monday. The contract hovered between RMB 55,100-55,200/mt before the midday as the Shanghai Composite Index retreated below 2,200 and LME copper lurched stably, winning support at RMB 55,000/mt. In the afternoon, as LME copper broke resistance at USD 7,560/mt, the contract climbed to as high as RMB 55,390/mt along with surging domestic agricultural products. However, at the tail of trading, the Shanghai Composite Index extended weakness and dropped sharply by 2.5%, sending SHFE 1210 copper contract back to the morning's fluctuating range. Finally, the most active copper contract for October delivery settled RMB 560/mt or 1% lower at RMB 55,180/mt, with trading volumes and positions decreasing by 100,000 lots and 2,708 lots, respectively. Technical indicators had signs of pointing downside, SHFE copper prices found weak support at the RMB 55,000/mt mark.