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SMM Brief on SHFE Copper Prices (2013-6-4)
Jun 4,2013 16:30CST
smm insight
Source:SMM
With LME copper little changed last night, SHFE 1309 copper contract started Tuesday RMB 10/mt lower at RMB 52,960/mt.

SHANGHAI, Jun. 4 (SMM) – With LME copper little changed last night, SHFE 1309 copper contract started Tuesday RMB 10/mt lower at RMB 52,960/mt. After its opening, the most active SHFE copper contract hovered near the daily moving average, with its high-end price at RMB 53,250/mt. In the afternoon, SHFE copper for September delivery was weighted down by plunging Shanghai Composite Index to RMB 52,880/mt, and finally ended at RMB 53,090/mt, up RMB 120/mt or 0.23%. Trading volumes and positions were down 104,000 lots and 18,486 lots, respectively. SHFE 1310 copper contract may become the most active one soon. Trading activity in SHFE copper market diminished compared with a week ago. SHFE 1309 copper contract has found strong support at RMB 52,500/mt, and should encounter resistance at the 60-day moving average.


 

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