SHANGHAI, Nov. 4 (SMM) – On Friday, SHFE 1701 copper opened higher at RMB 39,290/mt and then dropped to RMB 39,010/mt, hurt by positions opening by shorts. Ferrous metals increased significantly and coking coal also hit a new high, raising market’s bullish sentiment. SHFE 1701 copper rallied from lows, up to as high as RMB 39,330/mt, but dropped back from highs at the tail of trading. The contract finally closed at RMB 39,130/mt, up RMB 330/mt. Trading volumes rose 115,000 to 504,194 lots and positions increased 8,828 to 201,496. Trading volumes of all SHFE copper contracts rose 192,000 to 457,134 lots with positions up 8,062 to 504,194. To sum up, SHFE 1701 copper fluctuated at highs on Friday with strong support.
Attention should be on US nonfarm payroll report on Friday’s night trading. Market players turned wary according to technical indicators of SHFE 1701 copper.