SHANGHAI, Nov. 2 (SMM) - Central parity of Chinese yuan increased and off-shore yuan thus rallied to 6.77. People’s Bank of China withdrew a net RMB 35 billion on Wednesday. Coking coal and coke dropped on futures market with negative sentiments. SHFE 1701 copper opened at RMB 39,040/mt and then advanced to RMB 39,080/mt. But the contract later dropped, hurt by exit of longs. During the afternoon trading, SHFE 1701 copper fluctuated at around RMB 38,610/mt, down as low as RMB 38,540/mt, and finally closed at RMB 38,580/mt. To sum up, LME copper dropped from highs on Wednesday. Commodities fell across the board on Wednesday with negative sentiments and SHFE 1612 aluminum declined to its daily downward limit.
SHFE 1701 copper is expected to keep falling momentum on Wednesday’s night trading.