SMM Brief on SHFE Copper Prices on Jul. 19

SHANGHAI, Jul. 19 (SMM) – As LME copper rallied from initial lows overnight, SHFE 1211 copper contract started RMB 330/mt up at RMB 56,080/mt Thursday. After the opening, the contract edged down to RMB 56,000/mt and then fluctuated around this price point, testing a low at the bottom of recent pricing range RMB 55,830/mt. In the afternoon however, LME copper returned above USD 7,700/mt, while the Shanghai Composite Index rose to nearly 2,200, both helping the contract increase rapidly and drift higher to RMB 56,250/mt with a high touching RMB 56,310/mt. SHFE 1211 copper contract ended the day at RMB 56,230/mt, up RMB 480/mt or 0.86%, with trading volumes decreasing by 10,754 lots but positions increasing by 10,784 lots. With technical indicators pointing upward, SHFE copper prices stood above all moving averages and helped weaken bearish sentiment in markets.