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SMM Brief on SHFE Copper Prices (2013-3-1)
Mar 1,2013 17:30CST
smm insight
Source:SMM
With LME copper sliding overnight, the most active SHFE 1306 copper contract opened RMB 500/mt down at RMB 57,200/mt Friday.

SHANGHAI, Mar. 1 (SMM) – With LME copper sliding overnight, the most active SHFE 1306 copper contract opened RMB 500/mt down at RMB 57,200/mt Friday. China’s PMI came in soft and sent LME copper down to USD 7,800/mt. The Shanghai Composite Index also dived by 1%, so SHFE copper prices followed LME copper down, searching support at lower prices after losing RMB 57,000/mt, with an intraday high at merely RMB 57,250/mt. In the afternoon, SHFE copper prices drifted down further but stopped falling after testing RMB 56,610/mt. SHFE 1306 copper contract settled RMB 970/mt or 1.68% lower at RMB 56,730/mt, with trading volumes and positions up 91,184 lots and 24,614 lots, respectively. SHFE copper will look for support at lower prices over the short term, as selling pressures increased noticeably after prices lost the RMB 57,000/mt mark.

 

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