SHANGHAI, Nov. 25 (SMM) – On Friday, SHFE 1701 copper started at RMB 48,330/mt and then surrendered Thursday night trading’s gains with positions closing by longs, down as low as RMB 47,400/mt. The contract later rallied from lows, thanks to short recovering, and fluctuated at the tail of trading with resistance at the moving average. SHFE 1701 copper finally closed at RMB 48,100/mt, up RMB 790/mt. Positions fell 13,588 to 185,000 and trading volumes dropped 148,000 to 474,000 lots. Positions of all SHFE copper contracts reduced 5,668 to 550,000 with trading volumes down 225,000 to 808,000 lots. Position of SHFE 1702 copper decreased 438 to 195,000. SHFE 1701 copper swung on Friday and speculating capital decreased with closure of COMEX copper for Thanks Giving Day.
SHFE 1701 copper is expected to hover at highs on Friday’s night trading.