SMM Brief on SHFE Copper Prices (2013-10-14)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-14)

Price Review & Forecast 04:57:32PM Oct 14, 2013 Source:SMM

SHANGHAI, Oct. 14 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened at RMB 51,720/mt on Monday. The contract found support at the 60-day moving average after a brief retreat to RMB 51,330/mt, being pushed up to RMB 52,000/mt by buying. The red metal, however, fell back again to hover near RMB 51,800/mt. In the afternoon trading, rising LME copper drove SHFE 1401 copper contract up to RMB 52,300/mt. Finally, SHFE copper for January delivery closed RMB 570/mt or 1.1% higher at RMB 52,260/mt. Trading volumes grew by 65,550 lots to 305,670 lots, and positions also increased to 230,580 lots. There is still room for January copper on the SHFE to rise.
 

 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-14)

Price Review & Forecast 04:57:32PM Oct 14, 2013 Source:SMM

SHANGHAI, Oct. 14 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened at RMB 51,720/mt on Monday. The contract found support at the 60-day moving average after a brief retreat to RMB 51,330/mt, being pushed up to RMB 52,000/mt by buying. The red metal, however, fell back again to hover near RMB 51,800/mt. In the afternoon trading, rising LME copper drove SHFE 1401 copper contract up to RMB 52,300/mt. Finally, SHFE copper for January delivery closed RMB 570/mt or 1.1% higher at RMB 52,260/mt. Trading volumes grew by 65,550 lots to 305,670 lots, and positions also increased to 230,580 lots. There is still room for January copper on the SHFE to rise.
 

 

Key Words:  SHFE copper