SHANGHAI, Dec. 2 (SMM) – On Friday, SHFE 1702 copper started at RMB 46,790/mt and then declined to RMB 46,790/mt, hurt by exit of longs. During the afternoon trading, SHFE 1702 copper stabilized at around RMB 46,250/mt and rallied at the tail of trading with entering of longs. The contract finally ended at RMB 46,630/mt, down RMB 360/mt. Positions fell 5,590 to 230,000 and trading volumes dropped 134,000 to 532,000 lots. Positions of all SHFE copper contracts were down 12,918 to 524,000 with trading volumes down 255,000 to 532,000 lots. SHFE 1702 copper swung above the 10-day moving average on Friday. Markets are waiting or US’s nonfarm payroll report, which is expected to be higher than previous level, supporting base metals.

SHFE 1702 copper is expected to test resistance at the 10-day moving average on Friday’s night trading.