SHANGHAI, Dec. 1 (SMM) – China’s official manufacturing PMI released on Thursday hit the 4-year’s best and Caixin manufacturing beats the 2-year’s second high. SHFE 1702 copper opened at RMB 47,160/mt and then fluctuated at around RMB 46,930/mt. The contract later climbed to RMB 47,560/mt, thanks to entering of longs, supported by positive manufacturing data. The contract dropped back after touching the 5-day moving average with longs taking profits and finally closed at RMB 47,060/mt, up RMB 840/mt. Positions were up 7,360 to 236,000 and trading volumes were down 41,150 to 464,000 lots. Positions of SHFE copper contracts increased 810 to 537,000 and trading volumes fell 273,000 to 787,000 lots. SHFE 1702 copper increased slightly on Thursday but was still under the 5-day moving average.
SHFE 1702 copper will swing on Thursday’s night trading and eyes should be on US’s ISM manufacturing PMI in November.
![Short covering after rate hike, low inventory supports copper prices to dip then rebound [SMM Macro Weekly Review]](https://imgqn.smm.cn/usercenter/xKfXl20251217171711.jpg)
