SMM Brief on SHFE Copper Prices (2013-6-17)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-6-17)

Price Review & Forecast 03:35:28PM Jun 17, 2013 Source:SMM

SHANGHAI, Jun. 17 (SMM) – With LME copper stagnant overnight, SHFE 1310 copper contract started only RMB 60/mt higher at RMB 51,550/mt on Monday. After its opening, the most active SHFE copper contract was pushed up to an intraday high of RMB 51,960/mt by rising LME copper before falling back to RMB 51,500/mt. Finally, SHFE copper for October delivery closed the session at RMB 51,710/mt, up RMB 220/mt or 0.43%. Trading volumes were off 59,824 lots, and positions also shrank 15,654 lots. Investors generally liquidated positions against rising SHFE copper. The most active SHFE copper contract has found strong support at RMB 51,500/mt, but will face resistance at the 5-day moving average. 


 

SMM Brief on SHFE Copper Prices (2013-6-17)

Price Review & Forecast 03:35:28PM Jun 17, 2013 Source:SMM

SHANGHAI, Jun. 17 (SMM) – With LME copper stagnant overnight, SHFE 1310 copper contract started only RMB 60/mt higher at RMB 51,550/mt on Monday. After its opening, the most active SHFE copper contract was pushed up to an intraday high of RMB 51,960/mt by rising LME copper before falling back to RMB 51,500/mt. Finally, SHFE copper for October delivery closed the session at RMB 51,710/mt, up RMB 220/mt or 0.43%. Trading volumes were off 59,824 lots, and positions also shrank 15,654 lots. Investors generally liquidated positions against rising SHFE copper. The most active SHFE copper contract has found strong support at RMB 51,500/mt, but will face resistance at the 5-day moving average.