SMM Brief on SHFE Copper Prices (2013-1-23)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-23)

SMM Insight 04:24:25PM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) – With LME copper fluctuating near current levels overnight, SHFE 1304 copper contract started RMB 190/mt up at RMB 58,750/mt Wednesday. The contract slid rapidly as a large number of long investors closed positions, with a high at only RMB 58,790/mt. SHFE copper prices touched a trough of RMB 58,460/mt in the afternoon, but stopped falling after winning technical support. Paring some of gains, SHFE 1304 copper contract ended RMB 30/mt or 0.05% higher at RMB 58,590/mt, with trading volumes and positions down 53,232 lots and 7,066 lots, respectively. Trading volumes and positions for SHFE 1305 copper contract decreased by 51,178 lots and 7,104 lots, respectively. The most active copper contract did not shift to SHFE 1305 copper contract. Since more long investors made profit-taking, SHFE copper prices lacked further rising momentum. Nevertheless, the low-end SHFE copper price rose with technical indicators pointing upside.
 

SMM Brief on SHFE Copper Prices (2013-1-23)

SMM Insight 04:24:25PM Jan 23, 2013 Source:SMM

SHANGHAI, Jan. 23 (SMM) – With LME copper fluctuating near current levels overnight, SHFE 1304 copper contract started RMB 190/mt up at RMB 58,750/mt Wednesday. The contract slid rapidly as a large number of long investors closed positions, with a high at only RMB 58,790/mt. SHFE copper prices touched a trough of RMB 58,460/mt in the afternoon, but stopped falling after winning technical support. Paring some of gains, SHFE 1304 copper contract ended RMB 30/mt or 0.05% higher at RMB 58,590/mt, with trading volumes and positions down 53,232 lots and 7,066 lots, respectively. Trading volumes and positions for SHFE 1305 copper contract decreased by 51,178 lots and 7,104 lots, respectively. The most active copper contract did not shift to SHFE 1305 copper contract. Since more long investors made profit-taking, SHFE copper prices lacked further rising momentum. Nevertheless, the low-end SHFE copper price rose with technical indicators pointing upside.