SMM Brief on SHFE Copper Prices (2013-6-3)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-6-3)

SMM Insight 05:14:45PM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – SHFE 1309 copper contract started Monday RMB 570/mt higher at RMB 53,000/mt, bolstered by surging LME copper in the morning. The most active SHFE copper contract found its high at RMB 53,220/mt, but then sank to RMB 52,800/mt as worse-than-expected HSBC’s final China manufacturing PMI for May triggered sell-off. SHFE copper for September delivery, however, bounced back to the daily moving average at the tail of the session before closing at RMB 53,010/mt, up RMB 250/mt or 0.47%. Trading volumes and positions were down 97,698 lots and 8,246 lots, respectively. SHFE 1309 copper contract stabilized at several moving averages, and will likely rise further.


 

SMM Brief on SHFE Copper Prices (2013-6-3)

SMM Insight 05:14:45PM Jun 03, 2013 Source:SMM

SHANGHAI, Jun. 3 (SMM) – SHFE 1309 copper contract started Monday RMB 570/mt higher at RMB 53,000/mt, bolstered by surging LME copper in the morning. The most active SHFE copper contract found its high at RMB 53,220/mt, but then sank to RMB 52,800/mt as worse-than-expected HSBC’s final China manufacturing PMI for May triggered sell-off. SHFE copper for September delivery, however, bounced back to the daily moving average at the tail of the session before closing at RMB 53,010/mt, up RMB 250/mt or 0.47%. Trading volumes and positions were down 97,698 lots and 8,246 lots, respectively. SHFE 1309 copper contract stabilized at several moving averages, and will likely rise further.