SMM Brief on SHFE Copper Prices (2013-1-14)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-14)

SMM Insight 04:38:14PM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) – With LME copper prices falling last Friday, SHFE 1304 copper contract, the most active one, started RMB 380/mt down at RMB 58,280/mt Monday. The contract gained support at the 10-day moving average following the opening and touched a low at only RMB 58,270/mt before stabilizing gradually. In the afternoon, as the Shanghai Composite Index surged by 3.2% and recouped 2,300, SHFE copper prices broke resistance at RMB 58,500/mt and narrowed daily losses, touching a high at RMB 58,730/mt. But SHFE 1304 copper contract dropped at the tail of trading and settled RMB 140/mt or 0.24% lower at RMB 58,520/mt, with trading volumes and positions down 52,278 lots and 2,254 lots, respectively. Long and short investors generally stood on the sidelines. With pressure at the 5-day moving average but strong support at RMB 58,200/mt, SHFE copper prices will probably fluctuate at current values over the short term.
 

SMM Brief on SHFE Copper Prices (2013-1-14)

SMM Insight 04:38:14PM Jan 14, 2013 Source:SMM

SHANGHAI, Jan. 14 (SMM) – With LME copper prices falling last Friday, SHFE 1304 copper contract, the most active one, started RMB 380/mt down at RMB 58,280/mt Monday. The contract gained support at the 10-day moving average following the opening and touched a low at only RMB 58,270/mt before stabilizing gradually. In the afternoon, as the Shanghai Composite Index surged by 3.2% and recouped 2,300, SHFE copper prices broke resistance at RMB 58,500/mt and narrowed daily losses, touching a high at RMB 58,730/mt. But SHFE 1304 copper contract dropped at the tail of trading and settled RMB 140/mt or 0.24% lower at RMB 58,520/mt, with trading volumes and positions down 52,278 lots and 2,254 lots, respectively. Long and short investors generally stood on the sidelines. With pressure at the 5-day moving average but strong support at RMB 58,200/mt, SHFE copper prices will probably fluctuate at current values over the short term.