SMM Brief on SHFE Copper Prices (2013-10-11)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-11)

Price Review & Forecast 05:13:50PM Oct 11, 2013 Source:SMM

SHANGHAI, Oct. 11 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 190/mt higher at RMB 51,600/mt on Friday, shored up by LME copper reversing losses overnight. Following failed attempts to touch RMB 51,890/mt, the contract fell back to near RMB 51,500/mt towards mid-day due to selloff at highs and longs taking profits. In the afternoon session, the Shanghai Composite Index rallied by 1.7%, driving the red metal up, but resistance at the daily moving average remained strong. Finally, SHFE 1401 copper contract ended the day RMB 240/mt or 0.47% higher at RMB 51,650/mt. Trading volumes grew by 6,786 lots, but positions dropped by 678 lots. There is still room for January copper on the SHFE to rise.
 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-11)

Price Review & Forecast 05:13:50PM Oct 11, 2013 Source:SMM

SHANGHAI, Oct. 11 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 190/mt higher at RMB 51,600/mt on Friday, shored up by LME copper reversing losses overnight. Following failed attempts to touch RMB 51,890/mt, the contract fell back to near RMB 51,500/mt towards mid-day due to selloff at highs and longs taking profits. In the afternoon session, the Shanghai Composite Index rallied by 1.7%, driving the red metal up, but resistance at the daily moving average remained strong. Finally, SHFE 1401 copper contract ended the day RMB 240/mt or 0.47% higher at RMB 51,650/mt. Trading volumes grew by 6,786 lots, but positions dropped by 678 lots. There is still room for January copper on the SHFE to rise.
 

Key Words:  SHFE copper