SMM Brief on SHFE Copper Prices (2013-1-10)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-10)

SMM Insight 04:04:59PM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – With LME copper prices still lacking directions overnight, SHFE 1304 copper contract, the most active one, opened slightly RMB 40/mt up at RMB 58,300/mt Thursday. Chinese stock markets were boosted by favorable Chinese trade data, helping LME copper prices rebound. In this context, SHFE copper prices rose all the way before reaching an intraday high at RMB 58,820/mt. SHFE 1304 copper contract ended RMB 520/mt or 0.89% higher at RMB 58,780/mt, with trading volumes and positions increasing 90,178 lots and 21,540 lots, respectively. Total trading volumes on the SHFE added by 136,000 lots, and total positions were up 26,228 lots. Bullish sentiment increased, while low-support for prices rose to RMB 58,200/mt. As such, SMM believes that SHFE copper prices will move towards RMB 59,200/mt for the foreseeable future.
 

SMM Brief on SHFE Copper Prices (2013-1-10)

SMM Insight 04:04:59PM Jan 10, 2013 Source:SMM

SHANGHAI, Jan. 10 (SMM) – With LME copper prices still lacking directions overnight, SHFE 1304 copper contract, the most active one, opened slightly RMB 40/mt up at RMB 58,300/mt Thursday. Chinese stock markets were boosted by favorable Chinese trade data, helping LME copper prices rebound. In this context, SHFE copper prices rose all the way before reaching an intraday high at RMB 58,820/mt. SHFE 1304 copper contract ended RMB 520/mt or 0.89% higher at RMB 58,780/mt, with trading volumes and positions increasing 90,178 lots and 21,540 lots, respectively. Total trading volumes on the SHFE added by 136,000 lots, and total positions were up 26,228 lots. Bullish sentiment increased, while low-support for prices rose to RMB 58,200/mt. As such, SMM believes that SHFE copper prices will move towards RMB 59,200/mt for the foreseeable future.