SHANGHAI, Nov. 10 (SMM) – On Thursday, SHFE 1701 copper opened at RMB 43,320/mt. A large amount of positions closed by shorts in 15 minutes after opening. SHFE 1701 copper advanced to its daily upward limit at RMB 43,910/mt in a short time and finally closed at RMB 43,910/mt, up RMB 2,310/mt or 5.55%. Positions reduced 4,252 to 254,000 and trading volumes fell 309,000 to 516,000 lots. To sum up, SHFE 1701 copper ended Thursday’s trading at daily upward limit, technically entering overbought territory, but LME copper soared to above USD 5,600/mt.
SHFE 1701 copper is expected to keep firm for the short term and will test a high level of RMB 44,500/mt on Thursday’s night trading.