SHANGHAIM, Jun. 28 (SMM) – On Wednesday, SHFE 1708 copper opened at RMB 46,860/mt and then dipped to RMB 46,720/mt. Later, the contract rallied to RMB 46,820/mt as US dollar index weakened. SHFE 1708 copper kept rising at the tail of trading, up to as high as RMB 47,000/mt, with rising ferrous metals, and closed at RMB 46,920/mt. Positions rose 1,806 to 195,000 and trading volumes increased 25,570 to 191,000 lots. Positions of all SHFE copper contracts rose 8,082 to 570,000 and those of SHEF 1709 copper increased 8,296.
SHFE 1708 copper will have upside room in a short term.