SMM Brief on SHFE Copper Prices on Nov. 4

SHANGHAI, Nov. 4 (SMM) –As LME copper prices rebounded slightly overnight, SHFE 1201 copper contract prices, the most active one, opened RMB 260/mt up at RMB 57,800/mt on Friday. After the opening, SHFE three-month copper contract prices soared through RMB 59,000/mt due to large-scale position closings, but later met resistance near the closing price of RMB 59,140/mt earlier in the week. In the afternoon session, as LME copper prices stabilized at USD 8,000/mt, SHFE three-month copper contract prices rose further, and stood above the RMB 59,000/mt mark, with the highest price touching RMB 59,500/mt at the tail of trading. Finally, SHFE 1201 copper contract prices closed at RMB 59,360/mt, up RMB 1,820/mt or 3.16%. Positions for SHFE 1201 copper contracts were down 10,294 lots, while trading volumes were up 111,000 lots. After SHFE copper prices stood above the 10-day moving average, long and short investors are focused on the final result of G20 Summit and the US non-farm payrolls.