SHANGHAIM, Jun. 30 (SMM) – On Friday, SHFE 1709 copper, becoming the most actively traded one, opened at RMB 47,510/mt and then slid to RMB 47,350/mt. China’s official PMI was 51.7 in June, which was higher than expected at 51. SHFE 1709 copper rallied to RMB 47,640/mt and closed at RMB 47,560/mt. Positions increased 3,186 to 181,000 and trading volumes fell 30,136 103,000 lots. SHFE 1708 copper closed at RMB 47,460/mt, with positions down 17,486 to 171,000. Positions of all SHFE copper contracts reduced 8,230. SHFE copper inventory fell 8,661 mt.
SHFE 1709 copper will challenge RMB 48,000/mt in the coming week.