SMM Brief on SHFE Copper Prices (2013-1-16)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-16)

SMM Insight 04:34:38PM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – With LME copper prices losing USD 8,000/mt overnight, SHFE 1304 copper contract, the most active one, started RMB 140/mt down at RMB 57,890/mt Wednesday. The contract continued hovering narrowly following the opening and rose above RMB 58,000/mt amid position closings, but suffered resistance at RMB 58,150/mt due to severe struggle below long and short investors. In the afternoon, as Chinese A-share markets dived, SHFE copper prices slipped rapidly and touched a low of RMB 57,770/mt. Recouping some of declines, SHFE 1304 copper contract settled at RMB 57,940/mt, still down RMB 90/mt or 0.16%, with trading volumes and positions decreasing 31,474 lots and 11,270 lots, respectively. With great pressure at RMB 58,300/mt but strong support at RMB 57,800/mt, SHFE copper prices will fluctuate near current levels for the near future.
 

SMM Brief on SHFE Copper Prices (2013-1-16)

SMM Insight 04:34:38PM Jan 16, 2013 Source:SMM

SHANGHAI, Jan. 16 (SMM) – With LME copper prices losing USD 8,000/mt overnight, SHFE 1304 copper contract, the most active one, started RMB 140/mt down at RMB 57,890/mt Wednesday. The contract continued hovering narrowly following the opening and rose above RMB 58,000/mt amid position closings, but suffered resistance at RMB 58,150/mt due to severe struggle below long and short investors. In the afternoon, as Chinese A-share markets dived, SHFE copper prices slipped rapidly and touched a low of RMB 57,770/mt. Recouping some of declines, SHFE 1304 copper contract settled at RMB 57,940/mt, still down RMB 90/mt or 0.16%, with trading volumes and positions decreasing 31,474 lots and 11,270 lots, respectively. With great pressure at RMB 58,300/mt but strong support at RMB 57,800/mt, SHFE copper prices will fluctuate near current levels for the near future.