SMM Brief on SHFE Copper Prices (2013-1-18)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-18)

SMM Insight 03:50:59PM Jan 18, 2013 Source:SMM

SHANGHAI, Jan. 18 (SMM) – With LME copper prices increasing above USD 8,000/mt overnight, SHFE 1304 copper contract, the most active one, started RMB 100/mt up at RMB 58,170/mt Friday. With positive Chinese economic data released, the contract hovered narrowly in the morning, with a fluctuating band of merely around RMB 100/mt. In the afternoon, SHFE copper followed Chinese A-shares and LME copper to touch a high at RMB 58,500/mt before suffering selling pressures at highs, with prices between RMB 58,300 -58,400/mt. SHFE 1304 copper contract finally closed RMB 660/mt or 1.14% higher at RMB 58,380/mt, with trading volumes down 1,110 lots but positions up 6,130 lots. Trading volumes and positions for SHFE 1305 copper contract added by 18,290 lots and 13,144 lots. This indicated that the most active copper contract tended to shift to SHFE 1305 copper contract. SHFE copper prices rallied above all recent moving averages following increases during the day, but faced great pressure at RMB 58,500/mt.
 

SMM Brief on SHFE Copper Prices (2013-1-18)

SMM Insight 03:50:59PM Jan 18, 2013 Source:SMM

SHANGHAI, Jan. 18 (SMM) – With LME copper prices increasing above USD 8,000/mt overnight, SHFE 1304 copper contract, the most active one, started RMB 100/mt up at RMB 58,170/mt Friday. With positive Chinese economic data released, the contract hovered narrowly in the morning, with a fluctuating band of merely around RMB 100/mt. In the afternoon, SHFE copper followed Chinese A-shares and LME copper to touch a high at RMB 58,500/mt before suffering selling pressures at highs, with prices between RMB 58,300 -58,400/mt. SHFE 1304 copper contract finally closed RMB 660/mt or 1.14% higher at RMB 58,380/mt, with trading volumes down 1,110 lots but positions up 6,130 lots. Trading volumes and positions for SHFE 1305 copper contract added by 18,290 lots and 13,144 lots. This indicated that the most active copper contract tended to shift to SHFE 1305 copper contract. SHFE copper prices rallied above all recent moving averages following increases during the day, but faced great pressure at RMB 58,500/mt.