SHANGHAIM, Jun. 29 (SMM) – On Thursday, SHFE 1708 copper opened at RMB 47,060/mt and then advanced to RMB 47,350/mt with rising ferrous metals. Later, the contract hovered at highs, up to as high as RMB 47,520/mt, and closed at RMB 47,430/mt, up RMB 610/mt. Positions reduced 6,554 to 189,000 and trading volumes increased 83,528 to 274,000 lots. Positions of SHFE 1709 copper increased 20,512 to 177,000 and those of all SHFE copper contracts rose 53,000.
SHFE 1708 copper will keep rising in a short term.