SMM Brief on SHFE Copper Prices (2013-1-29)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-1-29)

SMM Insight 04:52:29PM Jan 29, 2013 Source:SMM

SHANGHAI, Jan. 29 (SMM) – With LME copper holding flat overnight, the most active SHFE 1305 copper contract started slightly RMB 100/mt up at RMB 58,690/mt Tuesday. The contract reached a high of RMB 58,850/mt due to buying support, but slipped rapidly below the opening price as technical pressures appeared, testing a low at RMB 58,410/mt. SHFE copper prices, though, pared some of declines in the afternoon, and were driven to an intraday high of RMB 58,950/mt at the tail of trading now that the Shanghai Composite Index surged. SHFE 1305 copper contract finally ended RMB 260/mt or 0.44% higher at RMB 58,850/mt, with trading volumes and positions up 81,358 lots and 14,576 lots, respectively. As long investors took the upper hand, SHFE copper prices will strive to break existing trading range for the near future.
 

SMM Brief on SHFE Copper Prices (2013-1-29)

SMM Insight 04:52:29PM Jan 29, 2013 Source:SMM

SHANGHAI, Jan. 29 (SMM) – With LME copper holding flat overnight, the most active SHFE 1305 copper contract started slightly RMB 100/mt up at RMB 58,690/mt Tuesday. The contract reached a high of RMB 58,850/mt due to buying support, but slipped rapidly below the opening price as technical pressures appeared, testing a low at RMB 58,410/mt. SHFE copper prices, though, pared some of declines in the afternoon, and were driven to an intraday high of RMB 58,950/mt at the tail of trading now that the Shanghai Composite Index surged. SHFE 1305 copper contract finally ended RMB 260/mt or 0.44% higher at RMB 58,850/mt, with trading volumes and positions up 81,358 lots and 14,576 lots, respectively. As long investors took the upper hand, SHFE copper prices will strive to break existing trading range for the near future.