SHANGHAI, Sept. 2 (SMM) – On Thursday’s night trading, SHFE 1611 copper opened lower at RMB 36,490/mt and then dropped to RMB 36,400/mt with fierce struggle between bulls and bears. Later, the contract rose to RMB 36,580/mt thanks to short recovering due to falling US dollar and gave up all previous gains at the tail of trading. SHFE 1611 copper closed at RMB 36,420/mt, down RMB 60/mt with positions up 3,668.
On Friday, SHFE 1611 copper started higher at RMB 36,440/mt and then advanced to RMB 36,690/mt, pushed up by longs. Later, the contract fluctuated at around the 10-day moving average and ended at RMB 36,670/mt, up RMB 190/mt with positions up 13,792. Positions of all SHFE copper contracts rose 566 to 510,000 with trading volumes at 310,000 lots. To sum up, SHFE 1611 copper moved higher with positions closing by longs and found support at the 5-day moving average fater falling back on Friday.
Eyes should be on US nonfarm payroll report due for release tonight. SHFE 1611 copper should keep fluctuating at RMB 36,600/mt.