SMM Brief on SHFE Copper Prices on Jul. 10

SHANGHAI, Jul. 10 (SMM) – SHFE 1210 copper contract, the most active one, started slightly down by RMB 80/mt at RMB 55,100/mt Tuesday. After the opening, the contract climbed to a high at RMB 55,100/mt driven by some buying but was dampened following weak readings in China’s trade data showing that China’s imports of unwrought copper and copper semis dropped in June. At the tail of trading, SHFE 1210 copper contract tracked LME copper to retreat below the daily moving average, down below the RMB 55,000/mt point to RMB 54,900/mt. Finally, SHFE 1210 copper contract settled RMB 160/mt or 0.29% at RMB 54,940/mt, with trading volumes and positions decreasing by 20,744 lots and 3,134 lots, respectively. Resistance at both the 5-day moving average of RMB 55,500/mt and 10-day moving average will weigh SHFE copper prices down over the near term.