SMM Brief on SHFE Copper Prices (2013-10-18)-Shanghai Metals Market

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SMM Brief on SHFE Copper Prices (2013-10-18)

Price Review & Forecast 04:31:48PM Oct 18, 2013 Source:SMM

SHANGHAI, Oct. 18 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 60/mt lower at RMB 52,020/mt on Friday. The contract drifted higher after opening thanks to upbeat Chinese economic indicators, but failed to break through RMB 52,300/mt due to selloff at highs. The red metal fell back to RMB 52,100/mt later in the day before hitting a high of RMB 52,290/mt at the tail of the session. Finally, SHFE copper for January delivery ended up RMB 170/mt or 0.33% at RMB 52,250/mt. Trading volumes and positions contracted 49,966 lots and 3,194 lots, respectively. SHFE 1401 copper contract will be range-bound for the near future.  
 

Key Words:  SHFE copper  

SMM Brief on SHFE Copper Prices (2013-10-18)

Price Review & Forecast 04:31:48PM Oct 18, 2013 Source:SMM

SHANGHAI, Oct. 18 (SMM) – Copper for delivery in January on the Shanghai Futures Exchange (SHFE), opened RMB 60/mt lower at RMB 52,020/mt on Friday. The contract drifted higher after opening thanks to upbeat Chinese economic indicators, but failed to break through RMB 52,300/mt due to selloff at highs. The red metal fell back to RMB 52,100/mt later in the day before hitting a high of RMB 52,290/mt at the tail of the session. Finally, SHFE copper for January delivery ended up RMB 170/mt or 0.33% at RMB 52,250/mt. Trading volumes and positions contracted 49,966 lots and 3,194 lots, respectively. SHFE 1401 copper contract will be range-bound for the near future.  
 

Key Words:  SHFE copper