SHANGHAI, Aug. 3 (SMM) – On Thursday, SHFE 1710 copper, becoming the most actively traded one, opened at RMB 50,320/mt and dropped slightly. Later, the contract rallied to RMB 50,520/mt with longs entering, up to as high as RMB 50,590/mt. During the afternoon trading, SHFE 1710 copper slumped below RMB 50,000/mt and closed at RMB 49,980/mt, down RMB 240/mt. Positions increased 5,690 to 215,000 and trading volumes rose 29,148 to 187,000 lots. Positions of all SHFE copper contracts reduced 5,144 to 711,000. China’s Caixin service PMI was 51.5 in July, hitting lowest level from May 2016, and composite PMI registered a 4-month high at 51.9.
Attention should be on US’s initial jobless claim in the week ending July 28, and final reading of Markit service PMI on Thursday’s night trading.