SHANGHAIM, Jun. 26 (SMM) – On Monday, SHFE 1708 copper opened at RMB 46,450/mt and then fluctuated at RMB 46,470/mt. During the afternoon trading, China Customs released refined copper output in May, which increased by 31% MoM to 265,000 mt. SHFE 1708 copper thus increased as longs strengthened and closed at RMB 46,820/mt, up RMB 600/mt. Positions reduced 3,548 to 206,000 and trading volumes decreased 36,592 to 193,000 lots. Positions of all SHFE copper contracts rose 13,330 to 568,368. Positions of SHFE 1709 copper rose 12,562.
SHFE 1708 copper will remain in upward track on Monday’s night trading.