SMM Weekly Price Outlook for Base Metals on LME and SHFE (Jul. 24-28, 2017)

SMM Morning Brief: Overnight, LME copper opened at $13,992/mt, hit a low of $13,910/mt at the start of the session, then copper prices rose with the center shifting upward to a high of $14,071/mt, finally closing at $14,041.5/mt, down 0.07%, with trading volume of 17,000 lots and open interest of 262,000 lots, an increase of 604 lots from the previous trading day, showing an increase in bearish positions. Overnight, the most-traded SHFE copper 2609 contract opened at 106,660 yuan/mt, hit a low of 106,550 yuan/mt at the start, then copper prices rose with the center shifting upward to a high of 107,440 yuan/mt, finally moving sideways and closing at 107,190 yuan/mt, up 0.01%, with trading volume of 29,000 lots and open interest of 158,000 lots, a decrease of 4,400 lots from the previous trading day, showing a decrease in bullish positions.