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SMM Brief on SHFE Copper Prices (2014-3-5)
Mar 5,2014 18:15CST
price review forecast
Source:SMM
The most active SHFE 1405 copper contract started RMB 200/mt higher at RMB 49,010/mt in Tuesday’s night session, and then hovered around RMB 49,100/mt after testing a low of RMB 48,930/mt.

SHANGHAI, Mar. 5 (SMM) – The most active SHFE 1405 copper contract started RMB 200/mt higher at RMB 49,010/mt in Tuesday’s night session, and then hovered around RMB 49,100/mt after testing a low of RMB 48,930/mt. Driven by shorts liquidating positions and strong buying support, the red metal bounced back to the RMB 49,280 – 49,450/mt band, and finished up RMB 360/mt at RMB 49,370/mt. During the night session, trading volumes decreased to less than 70,000 lots, and positions contracted by 576 lots. SHFE copper prices dipped to RMB 49,230/mt after opening at RMB 49,360/mt, and later rose back by RMB 150/mt. The most active SHFE copper contract advanced to an intraday high of RMB 49,630/mt in the afternoon trading session, and finally ended up RMB 570/mt at RMB 49,380/mt. Trading volumes expanded by 85,122 lots to 330,000 lots, and positions shed 24,344 lots to 278,000 lots. SHFE copper prices still have impetus to go up, but will face stiff resistance at RMB 49,800/mt.
 

SHFE copper prices

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