SHANGHAIM, Jul. 21 (SMM) – On Friday, SHFE 1709 copper opened at RMB 47,750/mt and then dropped slightly to RMB 47,680/mt. The contract later rallied to RMB 47,780/mt. During the afternoon trading, SHFE 1709 copper broke through RMB 48,000/mt to RMB 48,110/mt, the weekly highest level, as positions of all SHFE copper contracts rose about 20,000. The contract rallied after falling at the tail of trading and closed at RMB 48,000/mt, up RMB 250/mt. Positions increased 3,186 to 619,000 and trading volumes rose 42,604 to 242,000 lots. Positions of all SHFE copper contracts increased 9,784 to 619,000.
SHFE 1709 copper will remain in upward track on Friday’s night trading. SHFE copper inventory reduced 8,858 mt this week.