SMM Brief on SHFE Copper Prices (2013-10-10)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-10)

Price Review & Forecast 05:16:56PM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 520/mt lower at RMB 51,350/mt on Thursday, weighted down by falling LME copper. The contract fluctuated in a narrow range of RMB 51,300-51,500/mt for most time of the session, with day’s high and low of RMB 51,260/mt and RMB 51,540/mt, respectively. Selling pressure at highs prevented the industrial metal from rising. Finally, SHFE 1401 copper contract finished RMB 460/mt or 0.89% lower at RMB 51,410/mt. Trading volumes plummeted by 108,000 lots, while positions soared by 17,498 lots. January copper on the SHFE is expected to test support at the 60-day moving average. 
 

 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-10)

Price Review & Forecast 05:16:56PM Oct 10, 2013 Source:SMM

SHANGHAI, Oct. 10 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 520/mt lower at RMB 51,350/mt on Thursday, weighted down by falling LME copper. The contract fluctuated in a narrow range of RMB 51,300-51,500/mt for most time of the session, with day’s high and low of RMB 51,260/mt and RMB 51,540/mt, respectively. Selling pressure at highs prevented the industrial metal from rising. Finally, SHFE 1401 copper contract finished RMB 460/mt or 0.89% lower at RMB 51,410/mt. Trading volumes plummeted by 108,000 lots, while positions soared by 17,498 lots. January copper on the SHFE is expected to test support at the 60-day moving average. 
 

 

Key Words:  SHFE copper