SMM Brief on SHFE Copper Prices (2013-3-8)

SHANGHAI, Mar. 8 (SMM) – With LME copper prices reversing declines overnight, the most active SHFE 1306 copper contract opened RMB 330/mt up at RMB 56,740/mt Friday. The contract hovered narrowly around the daily moving average following the opening, with a fluctuating band of merely RMB 200/mt. SHFE copper prices suffered resistance at a high of RMB 56,870/mt, but were well support at RMB 56,620/mt. SHFE 1306 copper contract finally gained RMB 330/mt or 0.59% to close at RMB 56,740/mt, with trading volumes and positions down 31,446 lots and 6,540 lots, respectively. SHFE copper prices recouped the 5-day moving average and won increasing support at a trough of RMB 56,500/mt.