SHANGHAI, Nov. 14 (SMM) – On Monday, onshore Chinese yuan depreciated below 6.83 against US dollar, the seven-year low, and offshore Chinese yuan also fell to 6.84. SHFE 1701 copper opened at RMB 44,600/mt and then advanced slightly, thanks to positions opening by longs. China’s private investment kept increasing in October, according to China’s fixed-asset investment from January to October released on Monday. SHFE 1701 copper climbed to RMB 46,350/mt with a large amount of positions opening by longs. However, the contract later gave up half of previous gains, hurt by exit of longs, as other base metals dived, and rallied at the tail of trading. SHFE 1701 copper finally closed at RMB 45,520/mt. Positions were down 13,402 to 249,000 and trading volumes were up 331,000 to 1.32 million lots. Positions of all SHFE copper contracts fell 15,122 to 573,000 with trading volumes up 362,000 to 1.83 million lots. SHFE 1701 copper hovered at highs on Monday. Longs tended to short- term operation due to volatile SHFE 1701 copper previously.
SHFE 1701 copper is expected to swing between RMB 44,000-46,500/mt for the short term.