SHANGHAI, Nov. 18 (SMM) – On Friday, SHFE 1701 copper opened at RMB 44,250/mt. US dollar index surged rapidly to a 13-year high of 101.37 after US Federal Reserve Chairwoman Yellen delivering hawkish comment Thursday night. SHFE 1701 copper plumped to RMB 43,720/mt with exit of longs and then stabilized at lows. During the afternoon trading, SHFE 1701 copper rallied, thanks to positions opening by longs, and finally ended at RMB 44,210/mt, up RMB 320/mt or 0.73%. Positions fell 2,468 to 229,000 and trading volumes rose 40,506 to 412,000 lots. Positions of all SHFE copper contracts increased 3,640 to 517,000 with trading volumes up 51,170 to 576,000 lots. Positions of SHFE 1702 copper rose 6,116. SHFE 1701 copper rebounded from lows on Friday with longs’ wary sentiment.
SHFE 1701 copper will stabilize at current price on Friday’s night trading as Chinese yuan crashed down to 6.9121.