SHANGHAI, Sept. 30 (SMM) – On Thursday’s night trading, SHFE 1611 copper opened at RMB 37,650/mt and then advanced to RMB 37,870/mt. The contract later fell to the moving average with decreasing trading volumes and dropping LME copper. SHFE 1611 copper finally ended at RMB 37,690/mt. Positions reduced 3,576 with trading volumes falling 99,060 to 51,734 lots.
On Friday, SHFE 1611 copper started at RMB 37,670/mt. The People’s Bank of China withdrew RMB 50 billion of net cash today. Stock and futures market in China thus both reported lower opening prices on Monday. SHFE 1611 copper dipped to the 10-day moving average at RMB 37,580/mt due to leaving of longs. China’s Caixin manufacturing PMI was 50.1 in September as expected, which mirrored that manufacturing sector continued improvement. SHFE 1611 copper thus rallied, thanks to positions closing by shorts and ended at RMB 37,720/mt. Positions reduced 13,198 to 125,000 and trading volumes fell 43,904 to 107,000 lots. Positions of all SHFE copper contracts declined 4,364 to 440,000 with trading volumes down 80,726 to 236,000 lots. To sum up, SHFE 1611 copper fell at first and then rallied on Friday with positions closing by shorts before China’s National Day Holiday during October 1-7.
SHFE copper market will close on Friday night for the 7-day holiday.