SHANGHAI, Apr. 7 (SMM) – Gold price hit a 5-month high on Friday after US’s attack on Syria and the first summit meeting between China’s Chairman Xi Jinping and US’s President Trump came. Besides, US will release nonfarm payrolls on Friday night, raising market risk aversion sentiment.
On Friday, SHFE 1705 copper opened at 47,480 yuan per tonne and then advanced slightly thanks to positions opening by longs. The contract later declined after touching 47,860 yuan per tonne and dipped sharply below all the moving averages to 46,930 yuan per tonne with exit of longs. SHFE 1705 copper closed at 47,130 yuan per tonne, down 810 yuan per tonne. Positions fell 3,394 to 188,000 and trading volumes rose 70,668 to 319,000 lots.
SHFE 1705 copper dived sharply on Friday due largely to market risk aversion sentiment and other falling metals as its fundamentals were positive, SMM says.
Breaking News: What Triggers Wide-Spread Declines in China Base Metals Market on Friday? SMM Reports
According to SMM’s survey, orders at Chinese copper tube/pipe and plate/sheet, strip and foil producers are decent and most large producers are under full-load. Moreover, replacement of copper rod by copper scrap rod reduces after Xi’an Aokai event and orders at large wire & cable producers increased, growing copper cathode consumption in a short term.
Attention should be on US’s nonfarm payrolls on Friday night, which is expected to increase, according to final reading of Markit manufacturing PMI, ISM manufacturing employment data and ADP employment data in March. The positive data may ease market risk aversion sentiment, supporting SHFE 1705 copper to rally.
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