SHANGHAIM, Jul. 24 (SMM) – On Monday, SHFE 1709 copper opened at RMB 47,750/mt and then dipped to RMB 47,730/mt. The contract later fluctuated narrowly at around RMB 47,800/mt after rallying. During the afternoon trading, SHFE 1709 copper advanced to RMB 47,970/mt with positions opening by longs and surrendered previous gains before closing at RMB 47,760/mt, down RMB 40/mt. Positions reduced 11,434 to 205,000 and trading volumes dropped 68,092 to 174,000 lots. Positions of all SHFE copper contracts fell 10,046 to 609,000. People’s Bank of China injects a net RMB 220 billion, the highest level in 5 weeks, and Shanghai Interbank Offered Rate (Shibor) also decreased, leading to ample liquidity.

Attention should be on fresh reading of US’s Markit manufacturing PMI in July and pending home sales in June on Monday night.