SHANGHAI, Nov. 1 (SMM) – On Tuesday, commodities price kept rising across the board after opening. China’s official manufacturing PMI released on Tuesday rebounded to 51.2 in October and Caixin manufacturing PMI soared to 51.2. Manufacturing PMI released positive signals. SHFE 1701 copper opened at RMB 38,620/mt and then broke through the 10 and 20-day moving averages in a row, up to as high as RMB 38,890/mt. The contract dropped slightly at the tail of trading due to positions opening by shorts and finally ended at RMB 38,740/mt, up RMB 330/mt. Positions rose 7,684 to 482,000 and trading volumes increased 5,142 to 149,000 lots. Positions of all SHFE copper contracts were up 21,164 to 482,000 with trading volumes down 25,058 to 377,000 lots. To sum up, SHFE 1612 copper kept rising momentum on Tuesday, with strong bullish sentiment.LME copper keeps rising momentum because LME copper inventory fell 1,350 mt on Tuesday, and this will help SHFE 1701 copper rise.
SHFE 1701 copper is expected to challenge RMB 39,000/mt on Tuesday’s night trading.