SMM Brief on SHFE Copper Prices (2013-6-21)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-6-21)

Price Review & Forecast 07:26:41PM Jun 21, 2013 Source:SMM

SHANGHAI, Jun. 21 (SMM) – Falling LME copper caused SHFE 1310 copper contract to open RMB 960/mt lower at RMB 48,960/mt on Friday. After its opening, the most active SHFE copper contract plunged to RMB 48,390/mt on sell-off, but then rebounded to near RMB 49,500/mt on long buying, with resistance at RMB 49,700/mt. Finally, SHFE copper for October delivery ended the day down RMB 270/mt or 0.54% at RMB 49,650/mt, with trading volumes up 250,000 lots and positions up 6,852 lots. The most active SHFE copper contract is still under downward track after hitting the lowest in 20 months. 

 

SMM Brief on SHFE Copper Prices (2013-6-21)

Price Review & Forecast 07:26:41PM Jun 21, 2013 Source:SMM

SHANGHAI, Jun. 21 (SMM) – Falling LME copper caused SHFE 1310 copper contract to open RMB 960/mt lower at RMB 48,960/mt on Friday. After its opening, the most active SHFE copper contract plunged to RMB 48,390/mt on sell-off, but then rebounded to near RMB 49,500/mt on long buying, with resistance at RMB 49,700/mt. Finally, SHFE copper for October delivery ended the day down RMB 270/mt or 0.54% at RMB 49,650/mt, with trading volumes up 250,000 lots and positions up 6,852 lots. The most active SHFE copper contract is still under downward track after hitting the lowest in 20 months.