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SMM Brief on SHFE Copper Prices (2014-4-1)
Apr 1,2014 17:06CST
price review forecast
Source:SMM
SHFE 1406 copper contract prices fared better than LME copper prices to start at RMB 46,650/mt, and then found support at RMB 46,630/mt during Monday’s night session.

SHANGHAI, Apr. 1 (SMM) – SHFE 1406 copper contract prices fared better than LME copper prices to start at RMB 46,650/mt, and then found support at RMB 46,630/mt during Monday’s night session. The red metal later encountered resistance at RMB 46,800/mt, and finished down RMB 20/mt, at RMB 46,760/mt. During the night trading session, trading volumes were down around 100,000 lots, but positions were up 3,116 lots. China’s official manufacturing PMI and HSBC’s China manufacturing PMI both came in negative, fueling wary sentiment in the market. SHFE 1406 copper contract prices held steady between RMB 46,600-46,900/mt, and closed down RMB 40/mt, or 0.09%, at RMB 46,740/mt on Tuesday. The SHFE 1407 copper contract became the most active contract on Tuesday. SHFE 1407 copper contract prices opened at RMB 46,580/mt, with the high end at RMB 46,580/mt and low end at RMB 46,520/mt, and closed down RMB 40/mt, or 0.09%, at RMB 46,630/mt. Trading volumes for the SHFE 1407 copper contract were down 158,000 lots, but positions were up 10,134 lots. SHFE copper prices are expected to trade in ranges in the near term on mixed technical indicators.
 

SHFE copper prices

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