SMM Brief on SHFE Copper Prices on Jul. 23-Shanghai Metals Market

Hot Keywords

  • Inventory data
  • Zinc
  • Futures movement
  • MMi Iron Ore Port Index
  • Nickel
  • Copper scrap
  • Copper
  • Aluminium
  • Stainless steel
  • Macroeconomics
  • Evening comments
  • Tin
  • Market commentary
  • Production data
  • inventory

SMM Brief on SHFE Copper Prices on Jul. 23

SMM Insight 05:20:39PM Jul 23, 2012 Source:SMM

SHANGHAI, Jul. 23 (SMM) – As LME copper tumbled overnight, SHFE 1211 copper contract, the most active one, started RMB 840/mt down at RMB 55,280/mt Monday. After the opening, LME copper prices retreated below USD 7,500/mt rapidly, and Chinese stock markets also hit a new recent low. As a large number of longs left the market and new shorts entered, SHFE copper prices slipped all the way after fluctuating temporarily and met resistance at RMB 55,390/mt, losing RMB 55,000/mt completely. SHFE 1211 copper contract touched a low at RMB 54,290/mt in the afternoon and finally ended RMB 1,750/mt or 3.12% lower at RMB 54,370/mt, with trading volumes and positions increasing by 246,000 lots and 61,098 lots, respectively. With growing selling pressures, SHFE copper prices will likely continue to fall over the near term.
 

SMM Brief on SHFE Copper Prices on Jul. 23

SMM Insight 05:20:39PM Jul 23, 2012 Source:SMM

SHANGHAI, Jul. 23 (SMM) – As LME copper tumbled overnight, SHFE 1211 copper contract, the most active one, started RMB 840/mt down at RMB 55,280/mt Monday. After the opening, LME copper prices retreated below USD 7,500/mt rapidly, and Chinese stock markets also hit a new recent low. As a large number of longs left the market and new shorts entered, SHFE copper prices slipped all the way after fluctuating temporarily and met resistance at RMB 55,390/mt, losing RMB 55,000/mt completely. SHFE 1211 copper contract touched a low at RMB 54,290/mt in the afternoon and finally ended RMB 1,750/mt or 3.12% lower at RMB 54,370/mt, with trading volumes and positions increasing by 246,000 lots and 61,098 lots, respectively. With growing selling pressures, SHFE copper prices will likely continue to fall over the near term.