SHANGHAI, Nov. 8 (SMM) - Hillary's support rallied on Monday, and trading was both brisk in China’s commodity and stock market and base metals rose. SHFE 1701 copper started Tuesday’s trading at RMB 40,460/mt and fluctuated at RMB 40,350/mt briefly. The contract later climbed to RMB 40,730/mt in a short time, thanks to positions opening by longs, but was still below the Tuesday’s highest level. During the afternoon trading, ferrous metals dived because Zhengzhou Commodity Exchange raised trading fees. SHFE 1701 copper fell to the moving average, hurt by exit of longs, and later regained most lost ground before ending at RMB 40,450/mt. Positions rose 11,028 to 251,000 and trading volumes fell 127,000 to 670,000 lots. To sum up, SHFE 1701 copper hovered at highs above the moving average on Monday, supported by news of increasing support of Hillary. Caution attitude dominated the market, waiting for result of US presidential election.
The US presidential election will start on Tuesday’s night trading, and this will affect base metal’s movement. SHFE 1701 copper is expected to refresh new high if Hillary’s chance of winning increases again.