SMM Brief on SHFE Copper Prices (2013-10-15)

Price Review & Forecast 04:46:38PM Oct 15, 2013 Source:SMM

SHANGHAI, Oct. 15 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 420/mt higher at RMB 52,300/mt on Tuesday, as LME copper extended gains overnight. The contract hit a high of RMB 52,390/mt after opening, but then wiped out earlier gains as longs took profits and as the Shanghai Composite Index fell back slightly. In the afternoon trading, the industrial metal tested support at RMB 52,050/mt before closing the day at RMB 52,150/mt, up RMB 270/mt or 0.52%. Trading volumes and positions were off 124,000 lots and 1,334 lots, respectively. SHFE 1401 copper contract has found support at the 10-day moving average for the time being, but has met resistance at RMB 52,500/mt as investors are cautious before delivery of SHFE 1310 copper contracts. 


 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-15)

Price Review & Forecast 04:46:38PM Oct 15, 2013 Source:SMM

SHANGHAI, Oct. 15 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 420/mt higher at RMB 52,300/mt on Tuesday, as LME copper extended gains overnight. The contract hit a high of RMB 52,390/mt after opening, but then wiped out earlier gains as longs took profits and as the Shanghai Composite Index fell back slightly. In the afternoon trading, the industrial metal tested support at RMB 52,050/mt before closing the day at RMB 52,150/mt, up RMB 270/mt or 0.52%. Trading volumes and positions were off 124,000 lots and 1,334 lots, respectively. SHFE 1401 copper contract has found support at the 10-day moving average for the time being, but has met resistance at RMB 52,500/mt as investors are cautious before delivery of SHFE 1310 copper contracts. 


 

Key Words:  SHFE copper