SMM Brief on SHFE Copper Prices (2012-10-29)

SHANGHAI, Oct. 29 (SMM) – As LME copper prices remained weak last Friday, SHFE 1302 copper contract, the most active one, started RMB 60/mt down at RMB 56,910/mt Monday. Following the opening, the contract hovered around RMB 56,850/mt before meeting great pressure at RMB 57,000/mt, with a high at RMB 57,040/mt. In the afternoon, as LME copper prices lowered and tested USD 7,800/mt, and since Chinese stock markets fell again, SHFE copper prices dipped to an intraday low of RMB 57,570/mt. SHFE 1302 copper contract settled RMB 390/mt or 0.68% lower at RMB 56,580/mt, with trading volumes down 15,282 lots but positions up 20,040 lots. Selling pressures were growing, and upside technical resistance was also increasing.