SHANGHAI, Nov. 30 (SMM) – On Wednesday, SHFE 1702 copper opened at RMB 46,340/mt and then climbed above the moving average to RMB 46,870/mt with positions opening by longs. The contract later plumped below the 10-day moving average quickly to RMB 45,110/mt, hurt by short selling. During the afternoon trading, SHFE 1702 copper rallied slightly due to entering of longs and finally closed at RMB 46,100/mt. Positions increased 10,366 to 229,000 and trading volumes rose 152,000 to 506,000 lots. Positions of all SHFE copper contracts were down 11,362 to 537,000 with trading volumes up 108,000 to 1.06 million lots. SHFE 1702 copper dipped below the 10-day moving average with entering of shorts on Wednesday.
Attention should be on oil freezing agreement on Wednesday night. If the agreement fails, crude oil will plump. SHFE 1702 copper will keep falling with market risk aversion sentiment.