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SMM Brief on SHFE Copper Prices on Jul. 18
Jul 18,2012 16:02CST
smm insight
Source:SMM
As LME copper dropped overnight, SHFE 1210 copper contract started RMB 120/mt down at RMB 56,000/mt Wednesday.

SHANGHAI, Jul. 18 (SMM) – As LME copper dropped overnight, SHFE 1210 copper contract started RMB 120/mt down at RMB 56,000/mt Wednesday. After the opening, the contract fell all the way as a climbing US dollar pressured down LME copper and as selling pressures for forward SHFE copper contracts grew. In the afternoon, as the Shanghai Composite Index gathered falling momentum and hit another half-year low, the contract fell to a low at RMB 55,540/mt and only eased the falling stream after dropping to around the 60-day moving average. SHFE 1210 copper contract followed LME copper to pare some of earlier losses at the tail of trading before finally ending RMB 300/mt or 0.53% lower at RMB 55,820/mt. SHFE 1211 copper contract touched a high at RMB 56,100/mt and a low at RMB 55,500/mt during the day, and finally settled at RMB 55,760/mt, down RMB 390/mt or 0.69%. Trading volumes and positions for SHFE 1210 copper contract decreased by 64,062 lots and 13,086 lots, respectively. Positions for 1211 copper contract added by 15,102 lots, but trading volumes fell by 1,458 lots, highlighting that the shift of the most active copper contract was completed. With pressures for forward SHFE copper contracts piling up and technical indicators pointing downside again, SHFE copper prices will test the support at the 5-day moving average of RMB 55,800/mt repeatedly in the near future.

 

SHFE copper price
SHFE 1210 copper
trading volumes

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