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SHFE Copper Ends Higher (2017-7-27)
Jul 27,2017 19:22CST
SMM Comments
SHFE 1709 copper opened at RMB 50,280/mt and closed at RMB 50,040/mt, up RMB 200/mt.

SHANGHAIM, Jul. 27 (SMM) – On Thursday, SHFE 1709 copper opened at RMB 50,280/mt and then advanced to RMB 50,410/mt. The contract later fell back to RMB 50,280/mt and dipped to RMB 49,910/mt. During the afternoon trading, SHFE 1709 copper rallied slightly, but decreased again at the tail of trading before closing at RMB 50,040/mt, up RMB 200/mt. Positions reduced 6,178 to 207,000 and trading volumes fell 246,000 to 267,000 lots. Positions of all SHFE copper contracts dropped 1,538 to 722,000, and those of SHFE 1710 copper increased 7,394 to 179,000. SHFE 1709 copper will hover at highs in a short term with positive technical indicators, but the growth will be restricted. Profits at China’s above-scale industrial enterprises increased 19.1% YoY in June, a sign of improving structure economic benefit. Attention should be on US’s initial jobless claim and continuing claims in the week ending July 22 and fresh reading of durable goods orders in June.

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