SMM Brief on SHFE Copper Prices on Jul. 27-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices on Jul. 27

SMM Insight 05:40:44PM Jul 27, 2012 Source:SMM

SHANGHAI, Jul. 27 (SMM) – As LME copper prices pared declines, SHFE 1211 copper contract, the most active one, started slightly RMB 300/mt up at RMB 54,390/mt Friday. After the opening, a weak US dollar helped LME copper return above USD 7,500/mt, and caused SHFE copper prices to move higher after a high open amid position closings by shorts. However, the Shanghai Composite Index hit a new three-year low and gave a heavy pressure to SHFE copper prices which climbed slower than LME copper, touching an intraday high at RMB 54,800/mt in the afternoon. SHFE 1211 copper contract ended the day RMB 680/mt or 1.26% higher at RMB 54,770/mt, with trading volumes adding by 7,154 lots but positions decreasing by 9,804 lots. Total trading volumes and positions fell by 8,942 lots and 15,908 lots, respectively. Shorts left markets but longs were wary of keeping up with rising prices.
 

SMM Brief on SHFE Copper Prices on Jul. 27

SMM Insight 05:40:44PM Jul 27, 2012 Source:SMM

SHANGHAI, Jul. 27 (SMM) – As LME copper prices pared declines, SHFE 1211 copper contract, the most active one, started slightly RMB 300/mt up at RMB 54,390/mt Friday. After the opening, a weak US dollar helped LME copper return above USD 7,500/mt, and caused SHFE copper prices to move higher after a high open amid position closings by shorts. However, the Shanghai Composite Index hit a new three-year low and gave a heavy pressure to SHFE copper prices which climbed slower than LME copper, touching an intraday high at RMB 54,800/mt in the afternoon. SHFE 1211 copper contract ended the day RMB 680/mt or 1.26% higher at RMB 54,770/mt, with trading volumes adding by 7,154 lots but positions decreasing by 9,804 lots. Total trading volumes and positions fell by 8,942 lots and 15,908 lots, respectively. Shorts left markets but longs were wary of keeping up with rising prices.