Home / Metal News / Aluminium / SMM Brief on SHFE Copper Prices (2013-3-18)
SMM Brief on SHFE Copper Prices (2013-3-18)
Mar 18,2013 18:13CST
smm insight
Source:SMM
Cyprus decided last weekend to impose nearly 10% tax on the country’s bank depositors, sending LME copper prices plunging.

SHANGHAI, Mar. 18 (SMM) – Cyprus decided last weekend to impose nearly 10% tax on the country’s bank depositors, sending LME copper prices plunging. As a result, SHFE 1306 copper contract prices started the day RMB 320/mt lower at RMB 56,330/mt on March 18. After the opening, SHFE copper for June delivery retreated from RMB 55,000/mt to a low of RMB 54,810/mt. SHFE 1307 copper contracts became the most active one. However, dip-buying did help SHFE copper temporarily stop falling and hover around the daily moving average before mid-day. The Shanghai Composite Index fell by 1.7%, failing to lend support to SHFE copper. In the afternoon, LME copper fell below USD 7,600/mt again, causing SHFE copper to drop below the daily moving average. Finally, SHFE 1306 copper contracts finished at RMB 55,300/mt, down RMB 1,710/mt or 3%. SHFE 1307 copper contracts opened at RMB 56,310/mt, with the low-end price at RMB 54,660/mt, and finally ended the day RMB 1,840/mt or 3.23% lower at RMB 55,190/mt. Trading volumes and positions of SHFE 1307 copper contracts were up 237,00 lots and 87,254 lots, respectively. A lot of shorts were buying SHFE 1308 copper contracts. SHFE copper prices will remain under downward track for the near term.
 

latest SHFE copper prices

For queries, please contact Frank LIU at liuxiaolei@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn