SMM Brief on SHFE Copper Prices on Jul. 13-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 13

SMM Insight 03:57:01PM Jul 13, 2012 Source:SMM

SHANGHAI, Jul. 13 (SMM) – SHFE 1210 copper contract, the most active one, started slightly higher by RMB 40/mt at RMB 55,150/mt Friday. After the opening, the contract continued to hover narrowly around the daily moving average with a low at RMB 55,110/mt. Later, China announced GDP data for 2Q which fell as market expected, but retail sales data for June was better than anticipated, sending the Shanghai Composite Index climbing to nearly 2,200. Coupled with some buying, SHFE copper prices moved higher but retreated rapidly to around RMB 55,400/mt after temporarily soaring through the 60-day moving average, as upside technical resistance came in. SHFE 1210 copper contract stabilized above the daily moving average in the afternoon and followed LME copper to rise to a high at RMB 55,790/mt at the tail of trading, expanding daily gains. Finally, the most active copper contract for October delivery ended RMB 660/mt or 1.2% at RMB 55,770/mt, with trading volumes and positions falling by 8,154 lots and 2,762 lots, respectively. SHFE copper prices stood above their 60-day moving average after business was closed while waiting for guidance from LME copper.
 

SMM Brief on SHFE Copper Prices on Jul. 13

SMM Insight 03:57:01PM Jul 13, 2012 Source:SMM

SHANGHAI, Jul. 13 (SMM) – SHFE 1210 copper contract, the most active one, started slightly higher by RMB 40/mt at RMB 55,150/mt Friday. After the opening, the contract continued to hover narrowly around the daily moving average with a low at RMB 55,110/mt. Later, China announced GDP data for 2Q which fell as market expected, but retail sales data for June was better than anticipated, sending the Shanghai Composite Index climbing to nearly 2,200. Coupled with some buying, SHFE copper prices moved higher but retreated rapidly to around RMB 55,400/mt after temporarily soaring through the 60-day moving average, as upside technical resistance came in. SHFE 1210 copper contract stabilized above the daily moving average in the afternoon and followed LME copper to rise to a high at RMB 55,790/mt at the tail of trading, expanding daily gains. Finally, the most active copper contract for October delivery ended RMB 660/mt or 1.2% at RMB 55,770/mt, with trading volumes and positions falling by 8,154 lots and 2,762 lots, respectively. SHFE copper prices stood above their 60-day moving average after business was closed while waiting for guidance from LME copper.