SHANGHAIM, Jun. 20 (SMM) – On Tuesday, SHFE 1708 copper opened at RMB 45,910/mt and then fluctuated at around RMB 45,935/mt. Later, the contract fell back with leaving of longs, and stabilized at RMB 45,800/mt. SHFE 1708 copper rallied to RMB 46,000/mt after US dollar index went down and ended at RMB 45,840/mt, up RMB 240/mt. Positions increased 5,732 to 204,000 and trading volumes rose 10,832 to 174,000 lots. SHFE 1708 copper swung widely at highs on Tuesday. People’s Bank of China suspended 14-day and 28-day reverse repos, tightening liquidity.
SHFE 1708 copper will fluctuate at current level in a short term.