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SMM Brief on SHFE Copper Prices (2013-2-26)
Feb 26,2013 16:07CST
smm insight
Source:SMM
As LME copper dropped after initially rising overnight, SHFE 1306 copper contract, opened RMB 230/mt down at RMB 57,070/mt Tuesday.

SHANGHAI, Feb. 26 (SMM) –As LME copper dropped after initially rising overnight, SHFE 1306 copper contract, opened RMB 230/mt down at RMB 57,070/mt Tuesday. The contract followed LME copper to stop falling and rose above the opening price, with a high at RMB 57,530/mt. But with long investors conducting profit-taking, SHFE copper prices were sent down to levels above the daily moving average. At the tail of trading, as the Shanghai Composite Index dipped below 2,300, SHFE copper prices surrendered all daily gains amid short selling and touched an intraday low at RMB 57,040/mt. SHFE 1306 copper contract ended RMB 170/mt or 0.3% lower at RMB 57,130/mt, with trading volumes and positions up 43,530 lots and 21,844 lots, respectively. With more severe struggle between long and short investors, SHFE copper prices will likely continue to test support at RMB 57,000/mt for the immediate future.

 

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