SHANGHAIM, Jul. 19 (SMM) – On Wednesday, SHFE 1709 copper opened at RMB 47,750/mt and then swung widely at around RMB 47,720/mt with price range up and down by RMB 50/mt. During the afternoon trading, SHFE 1709 copper fell back from RMB 47,850/mt and then climbed again. The contract fluctuated at around RMB 47,900/mt at the tail of trading, up to as high as RMB 47,970/mt, and closed at RMB 47,960/mt, up RMB 120/mt. Position rose 4,320 to 216,000 and trading volumes fell 49,190 to 156,000 lots. Positions of all SHFE copper contracts rose 10,516 to 612,000.

SHFE 1709 copper will challenge RMB 48,000/mt on Wednesday’s night trading. Attention should be on US’s API and EIA crude oil inventories, new home starts and building permits in June.