SMM Brief on SHFE Copper Prices (2012-10-18)

SHANGHAI, Oct. 18 (SMM) – SHFE 1301 copper contract, the most active one, increased immediately after starting marginally up at RMB 58,900/mt Thursday, and hovered between RMB 59,150-59,250/mt before climbing to RMB 59,340/mt before 10am. After 10am, China’s GDP for 3Q was in line with market expectation, so SHFE copper prices edged down as some longs and shorts closed positions, but maintained above the daily moving average during the day. SHFE 1301 copper contract closed RMB 420/mt higher at RMB 59,130/mt, with positions down by 2,794 lots but trading volumes increasing slightly by 1,456 lots. SHFE copper’s bottom price drifted higher and tended to break through the 20-day moving average.