SHANGHAI, Nov. 23 (SMM) – On Thursday, SHFE 1701 copper opened at RMB 38,790/mt and hovered at around RMB 38,800/mt with mixed factors and support at the moving averages. China issued Caixin services PMI at 52.4 in October and composite PMI at 52.9 on Thursday, hitting the highest level since 2013. A-shares thus increased with rising trading volumes. SHFE 1701 copper later advanced to RMB 39,020/mt, thanks to positions opening by longs and finally closed at RMB 38,990/mt. Positions were up 17,190 to 193,000 and trading volumes were down 128,000 to 154,000 lots. Positions of all SHFE copper contracts increased 18,014 to 496,000 with trading volumes down 263,000 to 265,000 lots. To sum up, SHFE 1701 copper increased on Thursday and commodities improved, encouraged by positive data in China. Attention should be on ISM non-manufacturing index in October on Thursday’s night trading, which is expected to be lower than previous level. US’s durable goods orders is predicted to be negative, which may lead to soft US dollar. And this will support commodities price.
SHFE 1701 copper should remain at highs and hover between RMB 38,750-39,050/mt for the short term.