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SMM Brief on SHFE Copper Prices (2013-2-8)
Feb 8,2013 15:20CST
smm insight
Source:SMM
With LME copper fluctuating weakly overnight, SHFE 1305 copper contract, the most active one, opened slightly RMB 40/mt down at RMB 59,550/mt Friday.

SHANGHAI, Feb. 8 (SMM) – With LME copper fluctuating weakly overnight, SHFE 1305 copper contract, the most active one, opened slightly RMB 40/mt down at RMB 59,550/mt Friday. The contract marched higher after starting down and rose to levels around the 5-day moving average of RMB 59,800/mt, as some investors bought, and since China's copper import and export data came in favorable. In the afternoon, China's CPI and PPI releases were also in line with market expectation, helping Chinese A-shares rebound. In this context, SHFE copper prices touched an intraday high at RMB 59,890/mt but dipped rapidly below the daily moving average at the tail of trading owing to position closings. SHFE 1305 copper contract closed RMB 100/mt or 0.17% higher at RMB 59,690/mt, with trading volumes and positions up 6,332 lots and 8,288 lots, respectively. Long and short investors conducted more severe struggle during the day. If LME copper prices hold firm during the Chinese New Year holiday period, SHFE copper prices will increase after trading is resumed.

 

SHFE copper prices
LME copper prices
SHFE copper trading
SHFE copper positions
China data

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