SHANGHAI, Jul. 25 (SMM) – The most active SHFE 1409 copper contract jumped to a high of RMB 50,930/mt after starting Thursday’s night session at RMB 50,760/mt, and closed up RMB 590/mt at RMB 50,880/mt. During the night session, trading volumes continued to hover at around 120,000 lots, and positions gained by 4,,234 lots.
On Friday, SHFE copper prices initially dipped to RMB 50,600/mt, but rebounded at the tail of the trading to touch an intraday high of RMB 50,600/mt before ending up RMB 750/mt, or 1.49%, at RMB 51,040/mt. Trading volumes for the SHFE 1409 copper contract decreased by 59,048 lots, and positions shed by 1,030 lots. Despite positive technical indicators, SHFE copper prices will rely more on support from LME copper prices to trend up, since investors are cautious about buying at the end of July.