SHANGHAIM, Jul. 11 (SMM) – On Tuesday, SHFE 1709 copper opened at RMB 46,870/mt and then edged down to RMB 47,670/mt. The contract later rallied after finding support at the 20-day moving average and fluctuated at around RMB 46,860/mt. During the afternoon trading, SHFE 1709 copper surged with weakening US dollar and ended at RMB 47,050/mt, up RMB 190/mt. Positions increased 2,000 to 199,000 and trading volumes rose 13,428 to 179,000 lots. Positions of all SHFE copper contracts reduced 246 to 588,000.
SHFE 1709 copper will stay range-bound trading in a short term. Attention should be on US Federal Reserve official’s speech on Tuesday night.