SHANGHAI, Nov. 11 (SMM) – On Friday, Chinese yuan dropped to 6.85. Commodities price remained firm and iron ore advanced to its daily upward limit. SHFE 1701 copper opened at RMB 45,000/mt and then fluctuated at around RMB 45,000/mt. During the afternoon trading, SHFE 1701 copper increased sharply to its daily upward limit at RMB 46,830/mt with positions opening by longs. The contract hovered at highs at the tail of trading and finally closed at RMB 46,700/mt, up RMB 3,730/mt. Positions rose 8,828 to 263,000 and trading volumes increased 437,000 to 989,000 lots. Positions of all SHFE copper contracts fell 136 to 553,000 with trading volumes up 736,000 to 1.46 million lots. SHFE 1701 copper kept buoyant and climbed to its daily upward limit on Friday.
SHFE 1701 copper is expected to keep rising on Friday’s night trading and challenge RMB 47,500/mt with falling Chinese yuan and positive technical indicators.