Home / Metal News / Copper / SMM Brief on SHFE Copper Prices on October 10
SMM Brief on SHFE Copper Prices on October 10
Oct 10,2012 16:03CST
smm insight
Source:SMM
As LME copper prices surrendered gains overnight, SHFE 1301 copper contract, the most active one, started RMB 360/mt down at RMB 58,930/mt Wednesday.

SHANGHAI, Oct. 10 (SMM) – As LME copper prices surrendered gains overnight, SHFE 1301 copper contract, the most active one, started RMB 360/mt down at RMB 58,930/mt Wednesday. Following the opening, as longs and shorts conducted severe struggles, SHFE copper prices moved narrowly around the 20-day moving average of RMB 58,900/mt with a fluctuating band of merely about RMB 100/mt, but met great resistance at the RMB 59,000/mt mark. In the afternoon, as LME copper prices slipped, and as Chinese A-shares reversed earlier gains, SHFE copper prices drifted down to around RMB 58,800/mt, touching a low at RMB 58,700/mt. SHFE 1301 copper contract finally settled RMB 430/mt or 0.73% lower at RMB 58,860/mt, with trading volumes down by 98,730 lots but positions up by 2,680 lots. SHFE copper prices suffered increasing technical pressure to trend higher but found some support at the lows.
 

SHFE copper prices
SHFE trading volumes
SHFE positions

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

Related news