SMM Brief on SHFE Copper Prices on Jul. 12-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 12

SMM Insight 03:33:06PM Jul 12, 2012 Source:SMM

SHANGHAI, Jul. 12 (SMM) – SHFE 1210 copper contract, the most active one, started RMB 110/mt up at RMB 55,290/mt Thursday. The contract dropped rapidly below RMB 55,000/mt to RMB 54,900/mt in the morning session as longs closed positions and then fluctuated weakly around this price mark. However, in the afternoon session, as the Shanghai Composite Index rallied from earlier lows, the contract began stabilizing and returned above the daily moving average, drifting gradually higher to around RMB 55,200/mt. Finally, SHFE 1210 copper contract settled RMB 70/mt or 0.13% higher at RMB 55,150/mt, with trading volumes and positions decreasing by 46,944 lots and 1,072 lots, respectively. Nevertheless, trading volumes and positions for SHFE 1211 copper contract added by 448 lots and 10,652 lots, respectively, a sign the shift of the most active copper contract began. Longs and shorts held growing divergence ahead of China’s GDP data release Friday with increasing selling pressures.  

 

SMM Brief on SHFE Copper Prices on Jul. 12

SMM Insight 03:33:06PM Jul 12, 2012 Source:SMM

SHANGHAI, Jul. 12 (SMM) – SHFE 1210 copper contract, the most active one, started RMB 110/mt up at RMB 55,290/mt Thursday. The contract dropped rapidly below RMB 55,000/mt to RMB 54,900/mt in the morning session as longs closed positions and then fluctuated weakly around this price mark. However, in the afternoon session, as the Shanghai Composite Index rallied from earlier lows, the contract began stabilizing and returned above the daily moving average, drifting gradually higher to around RMB 55,200/mt. Finally, SHFE 1210 copper contract settled RMB 70/mt or 0.13% higher at RMB 55,150/mt, with trading volumes and positions decreasing by 46,944 lots and 1,072 lots, respectively. Nevertheless, trading volumes and positions for SHFE 1211 copper contract added by 448 lots and 10,652 lots, respectively, a sign the shift of the most active copper contract began. Longs and shorts held growing divergence ahead of China’s GDP data release Friday with increasing selling pressures.