SMM Brief on SHFE Copper Prices (2013-10-16)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-16)

Price Review & Forecast 04:00:27PM Oct 16, 2013 Source:SMM

SHANGHAI, Oct. 16 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 20/mt higher at RMB 52,200/mt on Wednesday. The contract fluctuated in a tight range after opening, with upward momentum being constrained by a 2.2% decline in the Shanghai Composite Index. The red metal fell back after hitting RMB 52,470/mt, and stayed below the daily moving average in the afternoon session. Finally, SHFE 1401 copper contract ended up RMB 40/mt or 0.08% at RMB 52,220/mt. Trading volumes and positions increased by 98,194 lots and 4,054 lots, respectively. Support at the daily moving average is to be tested repeatedly.
 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-16)

Price Review & Forecast 04:00:27PM Oct 16, 2013 Source:SMM

SHANGHAI, Oct. 16 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 20/mt higher at RMB 52,200/mt on Wednesday. The contract fluctuated in a tight range after opening, with upward momentum being constrained by a 2.2% decline in the Shanghai Composite Index. The red metal fell back after hitting RMB 52,470/mt, and stayed below the daily moving average in the afternoon session. Finally, SHFE 1401 copper contract ended up RMB 40/mt or 0.08% at RMB 52,220/mt. Trading volumes and positions increased by 98,194 lots and 4,054 lots, respectively. Support at the daily moving average is to be tested repeatedly.
 

Key Words:  SHFE copper