SHANGHAI, Nov. 22 (SMM) – On Tuesday, commodities increased across the board. SHFE 1701 copper opened at RMB 45,250/mt and then climbed with large amount of positions opening by longs. During the afternoon trading, upward momentum of SHFE 1701 copper waned due to exit of longs and the contract hovered at around RMB 46,100/mt. SHFE 1701 copper finally closed at RMB 46,210/mt, up RMB 1,710/mt. Positions fell 9,306 to 229,000 and trading volumes reduced 131,000 to 406,000 lots. Positions of all SHFE copper contracts were up 11,130 to 556,000 with trading volumes down 122,000 to 646,000 lots. Positions of SHFE 1702 copper increased 16,636. SHFE 1701 copper moved above the 5-day moving average on Tuesday.
SHFE 1701 copper is expected to remain rising momentum on Tuesday’s night trading with positive technical indicators and bullish outlook.