SHANGHAI, Jan. 6 (SMM) – On Friday, SHFE 1703 copper opened at RMB 45,300/mt and then increased to the moving average with exit of shorts as Chinese yuan depreciated before fluctuating at RMB 45,500/mt. Commodities dropped across the board with falling iron ore. SHFE 1703 copper thus dipped to RMB 45,090/mt with positions opening by shorts and later rallied slightly to RMB 45,280/mt thanks to shorts taking profits. The contract finally closed at RMB 45,350/mt, down RMB 500/mt. Positions fell 3,678 to 202,000 and trading volumes dropped 66,270 to 252,000 lots. Positions of all SHFE copper contracts reduced 10,172 to 483,000 with trading volumes down 85,542 to 372,000 lots. SHFE 1703 copper swung widely on Friday.

SHFE 1703 copper will keep fluctuating for the foreseeable future.