SHANGHAI, Nov. 23 (SMM) – On Wednesday, SHFE 1701 copper opened at RMB 45,760/mt and then fluctuated at around the moving average, thanks to positions opening by longs. During the afternoon trading, SHFE 1701 copper advanced to RMB 46,120/mt briefly and dropped back to the moving average with longs taking profits. The contract finally closed at RMB 45,760/mt, up RMB 150/mt. Positions fell 7,204 to 222,000 and trading volumes reduced 90,658 to 315,000 lots. Positions of all SHFE copper contracts were down 586 to 556,000 with trading volumes down 131,000 to 514,000 lots. Positions of SHFE 1702 copper increased 4,310 to 181,896. SHFE 1701 copper hovered highs on Wednesday and Chinese yuan kept depreciating, with a daily low of 6.9216.
SHFE increased trading fees and daily movement limits on base metals, raising market’s wary sentiment. SHFE 1701 copper is expected to swing at around the current price on Wednesday’s night trading.