SHANGHAIM, Jul. 20 (SMM) – On Thursday, SHFE 1709 copper opened at RMB 47,590/mt and then increased with positions opening by longs. During the afternoon trading, the contract fell back and rallied to RMB 47,910/mt before closing at RMB 47,790/mt. Positions reduced 2,804 to 214,000 and trading volumes rose 44,190 to 200,000 lots. Positions of all SHFE copper contracts reduced 2,182 to 609,000. SHFE 1709 copper regained part of lost ground on Wednesday’s night trading, but still lacked of upward strength.

The contract will hover at highs in a short term. Eyes should be on European Central Bank (ECB)’s interest rate decision in July’s meeting, US’s initial jobless claim and eurozone’s consumer confidence index in July.