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SMM Brief on SHFE Copper Prices (2013-2-22)
Feb 22,2013 17:32CST
smm insight
Source:SMM
As LME copper continued weakness overnight, SHFE 1305 copper contract, the most active one, opened slightly RMB 40/mt down at RMB 57,570/mt Friday.

SHANGHAI, Feb. 22 (SMM) –As LME copper continued weakness overnight, SHFE 1305 copper contract, the most active one, opened slightly RMB 40/mt down at RMB 57,570/mt Friday. The contract stabilized gradually amid some buying support with a low at merely RMB 57,360/mt but a high at RMB 57,780/mt. In the afternoon, as Chinese stock markets dropped, SHFE copper prices fluctuated near current levels. SHFE 1305 copper contract ended at RMB 57,620/mt, up RMB 20/mt or a gain of 0.02%, with trading volumes and positions down 121,000 lots and 7,038 lots, respectively. Total trading volumes on the SHFE decreased by 191,000 lots, but total positions added by 25,584 lots. The most active copper contract continued to shift. With the divergence between long and short investors increasing, SHFE copper prices are likely to look for support at much lower prices.

 

SHFE copper prices
SHFE 1305 copper contract
SHFE copper trading
SHFE copper positions

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