SMM Brief on SHFE Copper Prices (2012-10-19)

SHANGHAI, Oct. 19 (SMM) – As LME copper prices fell after initially increasing overnight, SHFE 1301 copper contract, the most active one, started flat at RMB 59,150/mt Friday. The contract dipped after rising to RMB 59,200/mt following the opening, and then fluctuated narrowly around RMB 59,060/mt. In the afternoon, SHFE copper prices drifted lower to RMB 58,500/mt before touching an intraday trough at RMB 58,380/mt. SHFE 1301 copper contract settled RMB 690/mt or 1.17% lower at RMB 58,460/mt, with trading volumes and positions up by 22,704 lots and 4,168 lots, respectively. The most active copper contract came under pressure at the 20-day moving average due to short selling.