SMM Brief on SHFE Copper Prices (2013-4-10)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-10)

SMM Insight 04:02:11PM Apr 10, 2013 Source:SMM

SHANGHAI, Apr. 10 (SMM) – SHFE 1308 copper contract opened RMB 470/mt higher at RMB 55,390/mt on Wednesday as LME copper extended gains overnight. After its opening, the most active copper contract advanced to RMB 55,460/mt, but failed to climb to the 20-day moving average due to a lack of buying. In the afternoon, SHFE copper for August delivery tracked LME copper down to RMB 55,050/mt, and finally settled at RMB 55,140/mt, an increase of RMB 220/mt or 0.4%. Trading volumes shrank 17,150 lots, while positions increased 8,324 lots. Selling pressure at the 20-day moving average increased, but technical indicator was positive, so support at RMB 55,000/mt still needs to be tested.  
 

SMM Brief on SHFE Copper Prices (2013-4-10)

SMM Insight 04:02:11PM Apr 10, 2013 Source:SMM

SHANGHAI, Apr. 10 (SMM) – SHFE 1308 copper contract opened RMB 470/mt higher at RMB 55,390/mt on Wednesday as LME copper extended gains overnight. After its opening, the most active copper contract advanced to RMB 55,460/mt, but failed to climb to the 20-day moving average due to a lack of buying. In the afternoon, SHFE copper for August delivery tracked LME copper down to RMB 55,050/mt, and finally settled at RMB 55,140/mt, an increase of RMB 220/mt or 0.4%. Trading volumes shrank 17,150 lots, while positions increased 8,324 lots. Selling pressure at the 20-day moving average increased, but technical indicator was positive, so support at RMB 55,000/mt still needs to be tested.