SHANGHAIM, Jul. 14 (SMM) – On Friday, SHFE 1709 copper opened at RMB 47,000/mt and then climbed to RMB 47,210/mt. The contract fell back at the tail of trading and ended at RMB 47,160/mt, down RMB 160/mt. Positions fell 518 to 203,000 and trading volumes rose 16,222 to 166,000 lots. Positions of all SHFE copper contracts reduced 2,308 to 589,000. The Shanghai Interbank Offered Rate (Shibor) fell after MLF extension by People’s Bank of China, with sufficient liquidity.
SHFE 1709 copper will hover at highs in a short term. Eyes should be on US’s June CPI and retail sales on Friday night.