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SMM Brief on SHFE Copper Prices (2014-3-19)
Mar 19,2014 17:38CST
price review forecast
Source:SMM
The most active SHFE copper contract prices hovered above the 5-day moving average after opening at RMB 44,590/mt, but later faced resistance at the RMB 45,000/mt mark in Tuesday’s night session.

SHANGHAI, Mar. 19 (SMM) – The most active SHFE copper contract prices hovered above the 5-day moving average after opening at RMB 44,590/mt, but later faced resistance at the RMB 45,000/mt mark in Tuesday’s night session. The contract prices finished up RMB 110/mt at RMB 44,910/mt. During the trading hours, traded volumes stood at around 300,000 lots, while positions rose 2,478 lots. SHFE copper prices fell as low as RMB 44,490/mt after encountering resistance at RMB 45,100/mt during the afternoon trading session, and closed down RMB 60/mt or 0.13% at RMB 44,730/mt. Traded volumes contracted 54,254 lots, and positions shrunk 8,272 lots for the most active SHFE copper contract. Traded volumes gained 34,226 lots, and positions surged 24,412 lots for SHFE 1407 copper contract. Trading activity for SHFE distant-month contracts strengthened. SHFE copper prices have found support at the 5-day moving average on Wednesday.
 

SHFE copper prices

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