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Tags: SHFE copper prices,  aluminum,  lead,  zinc,  tin,  nickel

SHANGHAI, Jan. 8 (SMM) – Copper SHFE 1403 copper contract opened lower at RMB 51,630/mt at Monday’s night session, but crept higher to RMB 52,000/mt with the greenback weakening. The contract prices finally ended the night session up RMB 10/mt at RMB 51,900/mt, accompanied by growing positions. The most active contract fell back to near RMB 51,850/mt after climbing to RMB 52,050/mt during Tuesday’s day trading, and finished the session at RMB 51,850/mt, down RMB 30/mt or 0.06%. Trading volumes and positions for the most active SHFE copper contract were down 7,062 lots and 1,896 lots, respectively. Many investors closed positions before the important releases. Support at the 20-day moving average is to be tested.   Spot copper in Shanghai was quoted at a premium of RMB 60-200/mt over SHFE 1401 copper contract Tuesday morning. Traded prices were RMB 52,070-52,150/mt for standard-quality copper, and RMB 52,150-52,250/mt for high-quality copper. Sellers held back goods at low prices against rising SHFE copper prices. This cut into goods available on the market, pushing premium higher. Some traders entered the market, while downstream producers purchased as needed. In the afternoon, spot premiums narrowed to RMB 70-180/mt, and traded prices fell to RMB 51,020-52,150/mt. Traders continued to buy goods in the market. Aluminum SHFE 1404 aluminum contract crept higher to RMB 13,930/mt after opening lower at RMB 13,890/mt at Monday’s night session......

from metal.com