SHANGHAI, May 5 (SMM) – On Friday, SHFE 1706 copper opened at RMB 45,070/mt and then climbed to RMB 45,170/mt. The contract later dipped to RMB 44,680/mt and fluctuated after finding support at the moving average. SHFE 1706 copper ended a RMB 44,980/mt, down RMB 570/mt. Positions increased 5,300 to 188,000 and trading volumes fell 64,868 to 244,000 lots.
US will issue nonfarm payrolls on Friday night, which is expected to increase, sending copper price up. SHFE 1706 copper will rally from lows in Friday’s night trading.