SHANGHAIM, Jul. 17 (SMM) – On Monday, SHFE 1709 copper opened at RMB 47,340/mt. China’s GDP rose 6.9% YoY in Q2, which was both higher than prediction and previous level. China’s social retail sales and added value at above-scale industrial enterprises were also positive. SHFE 1709 copper thus advanced to RMB 47,930/mt and closed at RMB 47,810/mt, up RMB 600/mt. Positions increased 18,024 to 221,000 and trading volumes rose 108,000 to 274,000 lots. Positions of all SHFE copper contracts increased 23,134 to 612,000.
SHFE 1709 copper will hover at highs in a short term.
SHFE 1707 copper closed at RMB 47,560/mt with settlement price at RMB 47,330/mt and delivery volumes at 9,275 mt.