SMM Brief on SHFE Copper Prices (2013-6-27)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-6-27)

Price Review & Forecast 03:42:35PM Jun 27, 2013 Source:SMM

SHANGHAI, Jun. 27 (SMM) – With LME copper fluctuating weakly overnight, SHFE 1310 copper contract opened RMB 160/mt lower at RMB 48,300/mt on Thursday. The most active SHFE copper contract bounced back from lows thanks to dip-buying, but still failed to break through RMB 48,920/mt. In the afternoon, SHFE copper for October delivery hovered around the daily moving average before closing at RMB 48,780/mt, up RMB 320/mt or 0.66%. Trading volumes contracted 146,000 lots and positions were also down 33,122 lots. SHFE copper has not yet completely shaken off technical resistance and may move lower again.


 

SMM Brief on SHFE Copper Prices (2013-6-27)

Price Review & Forecast 03:42:35PM Jun 27, 2013 Source:SMM

SHANGHAI, Jun. 27 (SMM) – With LME copper fluctuating weakly overnight, SHFE 1310 copper contract opened RMB 160/mt lower at RMB 48,300/mt on Thursday. The most active SHFE copper contract bounced back from lows thanks to dip-buying, but still failed to break through RMB 48,920/mt. In the afternoon, SHFE copper for October delivery hovered around the daily moving average before closing at RMB 48,780/mt, up RMB 320/mt or 0.66%. Trading volumes contracted 146,000 lots and positions were also down 33,122 lots. SHFE copper has not yet completely shaken off technical resistance and may move lower again.