SMM Brief on SHFE Copper Prices (2013-1-9)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-9)

SMM Insight 03:48:22PM Jan 09, 2013 Source:SMM

SHANGHAI, Jan. 9 (SMM) – LME copper prices stayed within their previous trading range overnight. SHFE 1304 copper contract, the most active one, opened slightly RMB 30/mt up at RMB 58,350/mt Wednesday, and fluctuated narrowly during the day. With heavy pressure, the contract touched a high at RMB merely 58,360/mt, and a low at RMB 58,160/mt, looking support at RMB 58,000/mt. SHFE 1304 copper contract settled RMB 20/mt or 0.02% higher at RMB 58,340/mt, with trading volumes and positions down 66,832 lots and 912 lots, respectively. Total trading volumes on the SHFE decreased 90,148 lots, but total positions increased 1,270 lots. Speculative interest of both long and short investors abated, but with good support at the 5-day moving average, SHFE copper prices will continue fluctuating at current levels ahead of the releases of China's economic figures.

 

 

 

SMM Brief on SHFE Copper Prices (2013-1-9)

SMM Insight 03:48:22PM Jan 09, 2013 Source:SMM

SHANGHAI, Jan. 9 (SMM) – LME copper prices stayed within their previous trading range overnight. SHFE 1304 copper contract, the most active one, opened slightly RMB 30/mt up at RMB 58,350/mt Wednesday, and fluctuated narrowly during the day. With heavy pressure, the contract touched a high at RMB merely 58,360/mt, and a low at RMB 58,160/mt, looking support at RMB 58,000/mt. SHFE 1304 copper contract settled RMB 20/mt or 0.02% higher at RMB 58,340/mt, with trading volumes and positions down 66,832 lots and 912 lots, respectively. Total trading volumes on the SHFE decreased 90,148 lots, but total positions increased 1,270 lots. Speculative interest of both long and short investors abated, but with good support at the 5-day moving average, SHFE copper prices will continue fluctuating at current levels ahead of the releases of China's economic figures.