SMM Brief on SHFE Copper Prices (2013-4-9)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-9)

SMM Insight 04:29:44PM Apr 09, 2013 Source:SMM

SHANGHAI, Apr. 9 (SMM) – LME copper moved at high levels last night, helping SHFE 1308 copper contract open RMB 530/mt higher at RMB 54,850/mt on Tuesday. After its opening, the most active copper contract advanced, but was still capped under the daily moving average due to short selling and technical resistance. In the afternoon, mild economic data and strong rally in the Shanghai Composite Index sent copper prices up. SHFE copper for August delivery closed at an intraday high of RMB 55,090/mt, an increase of RMB 770/m or 1.42%. Trading volumes and positions of SHFE 1308 copper contracts increased 71,554 lots and 10,802 lots, respectively. Total trading volumes were also up 89,096 lots, but total positions shrank 7,864 lots. The struggle between longs and shorts left SHFE copper stagnant near RMB 55,000/mt, and the support level is to be tested. 
 

SMM Brief on SHFE Copper Prices (2013-4-9)

SMM Insight 04:29:44PM Apr 09, 2013 Source:SMM

SHANGHAI, Apr. 9 (SMM) – LME copper moved at high levels last night, helping SHFE 1308 copper contract open RMB 530/mt higher at RMB 54,850/mt on Tuesday. After its opening, the most active copper contract advanced, but was still capped under the daily moving average due to short selling and technical resistance. In the afternoon, mild economic data and strong rally in the Shanghai Composite Index sent copper prices up. SHFE copper for August delivery closed at an intraday high of RMB 55,090/mt, an increase of RMB 770/m or 1.42%. Trading volumes and positions of SHFE 1308 copper contracts increased 71,554 lots and 10,802 lots, respectively. Total trading volumes were also up 89,096 lots, but total positions shrank 7,864 lots. The struggle between longs and shorts left SHFE copper stagnant near RMB 55,000/mt, and the support level is to be tested.