SHANGHAI, Aug. 22 (SMM) – On Tuesday, SHFE 1710 copper opened at RMB 51,770/mt and then dropped to RMB 51,370/mt. Later, the contract rallied. During the afternoon trading, the contract broke through RMB 52,000/mt to RMB 52,200/mt at the tail of trading, up RMB 990/mt. Positions increased 1,410 to 234,000 and trading volumes were down 18,614 to 385,000 lots. Positions of all SHFE copper contracts rose 6,142 to 722,000 and trading volumes reduced 17,212 to 595,000 lots.
SHFE 1710 copper will fluctuate at around RMB 52,000/mt in a short term.