SHANGHAIM, Jul. 12 (SMM) – On Wednesday, SHFE 1709 copper opened at RMB 47,330/mt and then fluctuated at around RMB 47,360/mt narrowly after slight increase. During the afternoon trading, SHFE 1709 copper advanced to RMB 47,470/mt after Argentina called Glencore’s Alumbrera copper mine to close down. The contract fell back with rising US dollar index and closed at RMB 47,250/mt, up RMB 410/mt. Positions increased 2,488 to 202,000 and trading volumes rose 44,382 to 223,000 lots. Positions of all SHFE copper contracts were up 2,772 to 591,000.
SHFE 1709 copper will keep strong in a short term in anticipation of copper ore supply reduction.