SMM Brief on SHFE Copper Prices (2013-4-25)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-4-25)

SMM Insight 04:57:12PM Apr 25, 2013 Source:SMM

SHANGHAI, Apr. 25 (SMM) – SHFE 1308 copper contract started Thursday RMB 830/mt higher at RMB 50,780/mt. After its opening, a falling US dollar index pushed LME copper up to USD 7,100/mt. In response, the most active SHFE copper contract broke through resistance at RMB 51,000/mt to RMB 51,400/mt. Finally, SHFE copper for August delivery gained RMB 1,330/mt or 2.66% to close at RMB 51,280/mt. Trading volumes and positions decreased 201,000 lots and 44,946 lots, respectively. Most investors closed positions before the Chinese May Day holiday to avoid risks, depriving SHFE copper of upward momentum.
 

SMM Brief on SHFE Copper Prices (2013-4-25)

SMM Insight 04:57:12PM Apr 25, 2013 Source:SMM

SHANGHAI, Apr. 25 (SMM) – SHFE 1308 copper contract started Thursday RMB 830/mt higher at RMB 50,780/mt. After its opening, a falling US dollar index pushed LME copper up to USD 7,100/mt. In response, the most active SHFE copper contract broke through resistance at RMB 51,000/mt to RMB 51,400/mt. Finally, SHFE copper for August delivery gained RMB 1,330/mt or 2.66% to close at RMB 51,280/mt. Trading volumes and positions decreased 201,000 lots and 44,946 lots, respectively. Most investors closed positions before the Chinese May Day holiday to avoid risks, depriving SHFE copper of upward momentum.