SHANGHAI, Nov. 15 (SMM) – On Tuesday, Chinese yuan kept falling, down as low as 6.8724. SHFE 1701 copper started at RMB 45,150/mt and then advanced to RMB 46,150/mt, thanks to entering of longs. Iron ore and rebar futures prices dived to their daily downward limits, depressing market sentiment. SHFE 1701 copper thus declined with positions closing by longs, triggering stop-loss orders. The contract plumped to RMB 43,060/mt and finally ended at RMB 43,670/mt, down RMB 1,850/mt or 4.06%. Positions fell 6,738 to 243,000 and trading volumes dropped 492,000 to 828,000 lots. SHFE 1611 copper closed at RMB 43,280/mt on delivery date with settlement price at RMB 45,360/mt, and delivery volumes were 12,550 mt. Price gap between sellers and buyers was big, and cargo-holders inclined to choose to trade at prices acceptable to them.
SHFE 1701 copper fell below the 5-day moving average on Tuesday with longs taking profit at highs. The contract will remain downward momentum on Tuesday’s night trading and will test support at RMB 41,893/mt.