Metals News
SMM Brief on SHFE Copper Futures (2013-1-8)
smm insight
06:51PM
Jan 8,2013
Source:SMM

SHANGHAI, Jan. 8 (SMM) – The SHFE 1304 copper contract price opened RMB 20/mt higher at RMB 58,290/mt on Tuesday, and hit a low of RMB 58,100/mt influenced by Chinese stock markets, but gained support at the 5-day moving average to climb to RMB 58,480/mt. At the tail of trading, copper prices fell again as many investors liquidated positions with the most active contract settled at RMB 58,300/mt, up RMB 30/mt or 0.05%. Trading volumes were up 16,052 lots while positions were up 1,460 lots. Support at RMB 58,000/mt became stronger, but copper prices still lacked momentum for further rises.

 

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