SMM Brief on SHFE Copper Prices on Oct. 9

SHANGHAI, Oct. 9 (SMM) – SHFE 1301 copper contract, the most active one, started slightly RMB 30/mt up at RMB 59,050/mt Tuesday. Following the opening, as LME copper prices rallied, and as the Shanghai Composite Index increased significantly and recouped 2,100, SHFE copper prices moved higher amid short-term buying and touched a low at only RMB 59,030/mt, but still met resistance at RMB 59,500/mt. In the afternoon, as short-term longs left markets, SHFE copper prices returned gradually below the daily moving average. But SHFE 1301 copper contract still settled RMB 210/mt or 0.26% higher at RMB 59,230/mt, with trading volumes and positions up by 101,000 lots and 23,306 lots, respectively. Positions for the most active copper contract exceeded 31,000 lots during the day. Short-term operations were active, and coupled with positive Chinese stock markets and buying force, SHFE copper prices are waiting opportunities to break pressures at the 5 and 10-day moving averages.