SMM Brief on SHFE Copper Prices (2012-10-23)

SHANGHAI, Oct. 23 (SMM) –SHFE 1301 copper contract, the most active one, started slightly RMB 90/mt up at RMB 57,860/mt Tuesday. The contract slipped rapidly following the opening. As Chinese A-shares fell, SHFE copper prices completely dipped below RMB 57,500/mt in the afternoon, coming under pressure at the daily moving average and gradually moving away from this price mark. SHFE 1301 copper contract finished RMB 490/mt or 0.85% lower at an intraday trough of RMB 57,280/mt, with trading volumes and positions adding by 14,902 lots and 1,618 lots, respectively. The most active copper contract continued to shift. As short selling increased, SHFE copper prices tended to lower and test support at the 60-day moving average of RMB 56,800/mt.