SHANGHAI, Jun. 1 (SMM) – On Thursday, SHFE 1708 copper, the most actively traded one, opened at RMB 45,480/mt and then dipped to RMB 45,230/mt with positions closing by longs. The contract later rallied thanks to entering of longs and closed at RMB 45,350/mt, down RMB 210/mt. Positions increased 8,372 and trading volumes rose 16,976 lots. Positions of all SHFE copper contracts reduced 8,034 to 572,520. SHFE 1708 copper rallied after falling on Friday.
The contract is expected to drop in a near term.