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SMM Brief on SHFE Copper Prices (2014-3-13)
Mar 13,2014 16:42CST
price review forecast
Source:SMM
LME copper prices overnight snapped their losing streak.

SHANGHAI, Mar. 13 (SMM) – LME copper prices overnight snapped their losing streak. In response, the most active SHFE copper contract bounced back to find support at the RMB 44,000/mt mark, but then encountered resistance at RMB 45,110/mt in Wednesday’s night trading session. The red metal closed up RMB 100/mt at RMB 44,750/mt, rising for the first trading day in the wake of panic sell-offs. During the night session, trading volumes reached 781,164 lots, and positions rose slightly by 3,542 lots for the most active SHFE copper contract. SHFE copper prices fell back after edging up to RMB 45,000/mt due to another round of sell-offs on Thursday. The most active SHFE copper contract later dropped further to finish down RMB 240/mt or 0.54% at RMB 44,410/mt against a string of disappointing Chinese economic data released in the afternoon trading session. Trading volumes shed by 150,000 lots, while positions gained by 23,932 lots on Thursday. A bearish mood still prevailed in the market given negative technical indicators.
 

SHFE copper prices

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