SMM Brief on SHFE Copper Prices (2013-1-11)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-11)

SMM Insight 05:18:28PM Jan 11, 2013 Source:SMM

SHANGHAI, Jan. 11 (SMM) – With LME copper prices fluctuating at highs overnight, SHFE 1304 copper contract, the most active one, opened RMB 350/mt up at RMB 58,850/mt Friday. The contract continued rising following the opening and climbed to RMB 58,980/mt. However, as the NBS reported higher-than-expected CPI data for December, Chinese stock markets fell rapidly by nearly 2%. LME copper prices thus suffered resistance at highs and caused SHFE copper prices to reverse earlier gains before testing a low at RMB 58,400/mt in the afternoon. SHFE 1304 copper contract ended RMB 60/mt or 0.1% lower at RMB 58,440/mt, with trading volumes up 3,926 lots but positions down 11,218 lots. Long investors mostly took profit-taking at highs, an indication of caution over a continuous price rebound. SMM believes that SHFE copper prices will test support at the 5-day moving average for the foreseeable future.
 

SMM Brief on SHFE Copper Prices (2013-1-11)

SMM Insight 05:18:28PM Jan 11, 2013 Source:SMM

SHANGHAI, Jan. 11 (SMM) – With LME copper prices fluctuating at highs overnight, SHFE 1304 copper contract, the most active one, opened RMB 350/mt up at RMB 58,850/mt Friday. The contract continued rising following the opening and climbed to RMB 58,980/mt. However, as the NBS reported higher-than-expected CPI data for December, Chinese stock markets fell rapidly by nearly 2%. LME copper prices thus suffered resistance at highs and caused SHFE copper prices to reverse earlier gains before testing a low at RMB 58,400/mt in the afternoon. SHFE 1304 copper contract ended RMB 60/mt or 0.1% lower at RMB 58,440/mt, with trading volumes up 3,926 lots but positions down 11,218 lots. Long investors mostly took profit-taking at highs, an indication of caution over a continuous price rebound. SMM believes that SHFE copper prices will test support at the 5-day moving average for the foreseeable future.