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SMM Brief on SHFE Copper Prices (2013-3-5)
Mar 5,2013 16:30CST
smm insight
Source:SMM
As LME copper prices continued falling overnight, the most active SHFE 1306 copper contract opened RMB 280/mt down at RMB 56,700/mt Tuesday.

SHANGHAI, Mar. 5 (SMM) – As LME copper prices continued falling overnight, the most active SHFE 1306 copper contract opened RMB 280/mt down at RMB 56,700/mt Tuesday. NPC and CPPCC meetings introduced favorable measures and helped Chinese A-shares rally from lows. In this context, SHFE copper prices rose gradually after testing a low at RMB 56,660/mt, and challenged resistance at RMB 57,000/mt in the afternoon, with a high at RMB 57,020/mt. SHFE 1306 copper contract closed RMB 510/mt or 0.9% higher at RMB 56,930/mt, with trading volumes and positions down 143,000 lots and 11,868 lots, respectively. Short investors chose to leave markets following copper price rebounds, but SHFE copper prices will suffer resistance at the 5-day moving average over the short term. Hence, sustained rebound in copper prices remains to be seen.
 

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