SHFE Copper Traces LME Copper up by RMB 240/mt (Sept. 10, 2015)-Shanghai Metals Market

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SHFE Copper Traces LME Copper up by RMB 240/mt (Sept. 10, 2015)

Price Review & Forecast 03:54:25PM Sep 10, 2015 Source:SMM

SHANGHAI, Sept. 10 (SMM) – LME copper fell back from highs overnight. This allowed SHFE 1511 copper to start slightly higher but trend lower during Wednesday evening session. SHFE copper started at RMB 41,220/mt and then moved lower to RMB 40,840/mt after meeting resistance at moving average. Finally, the red metal closed RMB 60/mt higher at RMB 40,880/mt. Positions declined 1,416 to 231,798 with trading volumes around 280,000 lots.

The contract moved stably around RMB 40,800/mt Thursday morning with a lower session-start in Chinese stock market and then followed LME copper up to RMB 41,000/mt before ending at RMB 41,060/mt, up by RMB 240/mt or 0.59%. Positions declined 2,374 to 230,840 and trading volumes decreased 258,000 lots. 


SHFE Copper Traces LME Copper up by RMB 240/mt (Sept. 10, 2015)

Price Review & Forecast 03:54:25PM Sep 10, 2015 Source:SMM

SHANGHAI, Sept. 10 (SMM) – LME copper fell back from highs overnight. This allowed SHFE 1511 copper to start slightly higher but trend lower during Wednesday evening session. SHFE copper started at RMB 41,220/mt and then moved lower to RMB 40,840/mt after meeting resistance at moving average. Finally, the red metal closed RMB 60/mt higher at RMB 40,880/mt. Positions declined 1,416 to 231,798 with trading volumes around 280,000 lots.

The contract moved stably around RMB 40,800/mt Thursday morning with a lower session-start in Chinese stock market and then followed LME copper up to RMB 41,000/mt before ending at RMB 41,060/mt, up by RMB 240/mt or 0.59%. Positions declined 2,374 to 230,840 and trading volumes decreased 258,000 lots.