SMM Brief on SHFE Copper Prices on Jul. 17-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 17

SMM Insight 04:00:09PM Jul 17, 2012 Source:SMM

SHANGHAI, Jul. 17 (SMM) – As LME copper stabilized overnight, SHFE 1210 copper contract, the most active one, started RMB 340/mt up at RMB 56,420/mt Tuesday. After the opening, the contract fell rapidly after temporarily climbing to a high of RMB 56,560/mt, down to around RMB 56,200/mt, as longs conducted profit-taking, with the high price level coming under pressure at RMB 56,350/mt. In the afternoon, SHFE copper prices followed LME copper prices to slip, coming under pressure at the daily moving average and gradually moving away from this price mark. However, SHFE copper prices then stopped falling after retreating to the previous session’s low of 55,790/mt, hovering narrowly around RMB 55,900/mt and narrowing some of daily declines at the tail of trading. SHFE 1210 copper contract finally settled RMB 160/mt or 0.29% lower at RMB 55,920/mt, with trading volumes and positions decreasing by 21,888 lots and 14,702 lots, respectively. Positions for all SHFE copper contracts fell by 7,306 lots while trading volumes added by 72,710 lots. The Shift of the most active copper contract began as selling pressure for forward SHFE copper contracts grew again. With longs and shorts struggling severely at RMB 56,000/mt, SHFE copper prices are likely to remain within current pricing range over the near term.

 

 

SMM Brief on SHFE Copper Prices on Jul. 17

SMM Insight 04:00:09PM Jul 17, 2012 Source:SMM

SHANGHAI, Jul. 17 (SMM) – As LME copper stabilized overnight, SHFE 1210 copper contract, the most active one, started RMB 340/mt up at RMB 56,420/mt Tuesday. After the opening, the contract fell rapidly after temporarily climbing to a high of RMB 56,560/mt, down to around RMB 56,200/mt, as longs conducted profit-taking, with the high price level coming under pressure at RMB 56,350/mt. In the afternoon, SHFE copper prices followed LME copper prices to slip, coming under pressure at the daily moving average and gradually moving away from this price mark. However, SHFE copper prices then stopped falling after retreating to the previous session’s low of 55,790/mt, hovering narrowly around RMB 55,900/mt and narrowing some of daily declines at the tail of trading. SHFE 1210 copper contract finally settled RMB 160/mt or 0.29% lower at RMB 55,920/mt, with trading volumes and positions decreasing by 21,888 lots and 14,702 lots, respectively. Positions for all SHFE copper contracts fell by 7,306 lots while trading volumes added by 72,710 lots. The Shift of the most active copper contract began as selling pressure for forward SHFE copper contracts grew again. With longs and shorts struggling severely at RMB 56,000/mt, SHFE copper prices are likely to remain within current pricing range over the near term.