SHANGHAIM, Jun. 21 (SMM) – On Wednesday, SHFE 1708 copper opened at RMB 45,470/mt and then advanced to RMB 45,610/mt. The contract rallied at the tail of trading after a slight decline and closed at RMB 45,520/mt, down RMB 390/mt. Positions increased 1,806 to 206,000 and trading volumes rose 19,146 to 194,000 lots. People’s Bank of China withdrew RMB 40 billion and stopped 14-day and 28-day reverse repos for two days in a row. Market participants were wary of investment.
SHFE 1708 copper will move with pressure from the moving averages.
![O spread de preços entre contratos futuros se amplia, compradores downstream relutam em comprar; prêmios caem com transações fracas [SMM cobre spot do Sul da China]](https://imgqn.smm.cn/usercenter/kvwSZ20251217171710.jpg)

![Futuros se consolidam e estabilizam; descontos no norte da China continuam a cair [SMM cobre spot do norte da China]](https://imgqn.smm.cn/usercenter/vcsIC20251217171710.jpg)
