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SMM Brief on SHFE Copper Prices (2013-7-12)
Jul 12,2013 21:20CST
price review forecast
Source:SMM
SHFE 1311 copper contract started RMB 400/mt higher at RMB 50,700/mt on Friday.
SHANGHAI, Jul. 12 (SMM) – SHFE 1311 copper contract started RMB 400/mt higher at RMB 50,700/mt on Friday. The most active SHFE copper contract pulled back immediately after jumping to RMB 50,730/mt since some investors took profits. In the afternoon, LME copper sank to USD 6,900/mt and China’s A-shares trimmed 1.7%, sending SHFE copper for November delivery down further to RMB 49,680/mt. Finally, SHFE 1311 copper contract closed at RMB 49,690/mt, down RMB 610/mt or 1.21%. Trading volumes and positions decreased 493,000 lots and 19,632 lots, respectively. The most active SHFE copper contract met strong resistance at the 30-day moving average, but will find support at the 5-day, 10-day and 20-day moving averages. 
 
 
 
 
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