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SMM Brief on SHFE Copper Prices (2013-3-26)
Mar 26,2013 17:44CST
smm insight
Source:SMM
SHFE 1307 copper contract opened RMB 380/mt lower at RMB 55,700/mt on Tuesday as LME copper fell back from high levels overnight.

SHANGHAI, Mar. 26 (SMM) – SHFE 1307 copper contract opened RMB 380/mt lower at RMB 55,700/mt on Tuesday as LME copper fell back from high levels overnight. After the opening, the most active SHFE copper contract rose, but failed to break RMB 55,950/mt. Later, LME copper slipped to USD 7,600/mt and the Shanghai Composite Index declined by over 1.5% to below 2,300 points, sending the most-traded SHFE copper contract below the daily moving average, with weak support at RMB 55,510/mt. Finally, SHFE copper for July delivery ended the day down RMB 320/mt or 0.57% at RMB 55,760/mt. Trading volumes decreased 41,140 lots, while positions increased 2,488 lots. SHFE copper should remain weak in the near term.

 

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