SHFE Copper Closes with Big Gains (2017-7-25)

SHANGHAIM, Jul. 25 (SMM) – On Tuesday, SHFE 1709 copper opened at RMB 47,960/mt, and then surged to RMB 48,540/mt. During the afternoon trading, the contract fell back slightly due to longs taking profits, but later advanced to RMB 48,690/mt as longs strengthened, hitting weekly highest level. SHFE 1709 copper closed at RMB 48,560/mt, up RMB 670/mt. Positions increased 4,860 to 210,000 and trading volumes rose 103,000 to 277,000 lots. Positions of all SHFE copper contracts rose 38,172 to 647,000. Positions of SHFE 1710 copper grew 24,280. Rising Chinese yuan and falling US dollar index raised market positive sentiment on Tuesday.

SHFE 1709 copper will have further room to rise in a short term. Eyes should be on US’s FHFA housing price in May and Conference Board's consumer confidence index in July.