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SMM Brief on SHFE Copper Prices (2013-2-6)
Feb 6,2013 21:13CST
smm insight
Source:SMM
With LME copper hovering around current levels overnight, SHFE 1305 copper contract, the most active one, opened flat at RMB 59,850/mt Wednesday.

SHANGHAI, Feb. 6 (SMM) – With LME copper hovering around current levels overnight, SHFE 1305 copper contract, the most active one, opened flat at RMB 59,850/mt Wednesday. The contract continued challenging RMB 60,000/mt following the opening due to buying support, with a high at RMB 60,160/mt, but edged down to around the RMB 60,000/mt point after suffering technical resistance. SHFE copper prices came under pressure near the midday when LME copper lost ground, and touched an intraday low of RMB 59,700/mt at the tail of trading. SHFE 1305 copper contract ended RMB 10/mt or 0.02% lower at RMB 59,840/mt, with trading volumes and positions down 253,000 lots and 5,346 lots, respectively. Despite support at the 5-day moving average, copper trading remained muted. As such, SHFE copper prices are unlikely to break existing trading range effectively for the near future.

 

SHFE copper prices
SHFE copper trading
SHFE copper positions

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