SMM Brief on SHFE Copper Prices (2013-1-28)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-28)

SMM Insight 04:19:28PM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – With LME copper slipping last Friday, SHFE 1305 copper contract started RMB 330/mt down at RMB 58,500/mt Monday. The contract followed LME copper lower after temporarily touching a high at RMB 58,690/mt, but still won strong support at the opening price since the Shanghai Composite Index surged by over 2.4%. SHFE copper prices recouped daily moving average in the afternoon and rose to levels around the intraday high. SHFE 1305 copper contract still ended RMB 210/mt 0.36% lower at RMB 58,620/mt, with trading volumes down 33,738 lots but positions up 3,524 lots. SHFE copper prices were restricted between the 5 and 10-day moving average, with KDJ technical indicator tending to point downside, but won growing support at the lows.
 

SMM Brief on SHFE Copper Prices (2013-1-28)

SMM Insight 04:19:28PM Jan 28, 2013 Source:SMM

SHANGHAI, Jan. 28 (SMM) – With LME copper slipping last Friday, SHFE 1305 copper contract started RMB 330/mt down at RMB 58,500/mt Monday. The contract followed LME copper lower after temporarily touching a high at RMB 58,690/mt, but still won strong support at the opening price since the Shanghai Composite Index surged by over 2.4%. SHFE copper prices recouped daily moving average in the afternoon and rose to levels around the intraday high. SHFE 1305 copper contract still ended RMB 210/mt 0.36% lower at RMB 58,620/mt, with trading volumes down 33,738 lots but positions up 3,524 lots. SHFE copper prices were restricted between the 5 and 10-day moving average, with KDJ technical indicator tending to point downside, but won growing support at the lows.