SHANGHAIM, Jul. 26 (SMM) – On Wednesday, SHFE 1709 copper opened at RMB 49,790/mt and then declined to RMB 49,600/mt with longs taking profits. Later, news of China’s “category 7” scrap metals import prohibition was verified, shoring up copper prices. SHFE 1709 copper, breaking through RMB 50,000/mt, recorded a high level at RMB 50,730/mt and dropped slightly before closing at RMB 50,050/mt, up RMB 1,810/mt. Positions increased 3,334 to 214,000 and trading volumes rose 236,000 to 514,000 lots. Positions of all SHFE copper contracts grew 76,124 to 723,000 and trading volumes rose 510,000 to 1.02 million lots. Positions of SHFE 1710 copper were up 24,124.
LME Copper Shoots Up 4% on China’s “Category 7” Scrap Metal Import Prohibition, SMM Reports
SHFE 1709 copper will fall back with leaving of longs on Wednesday’s night trading. Attention should be on US’s new home sales in June and EIA crude oil inventory in the week ending July 21.
China to Forbid "Category 7" Scrap Metal Imports in Late 2018
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