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Tags: SHFE base metals,  China metals prices,aluminium circle

SHANGHAI, Feb. 21 (SMM) – Copper SHFE 1405 copper contract prices started at RMB 50,760/mt during Wednesday’s night trading, and moved between RMB 50,650-50,850/mt before finishing the session at RMB 50,750/mt. During the day trading Thursday, with the February HSBC’s China manufacturing PMI hitting a seven-month low, SHFE copper for May delivery dropped after opening and tested a low of RMB 50,360/mt in the afternoon. The most active SHFE copper contract finally closed the session down RMB 390/mt or 0.77% at RMB 50,390/mt. Traded volumes for the most active contract increased 80,834 lots and positions rose by 27,040 lots. Selling pressure loomed, and SHFE copper has fallen below all short-term moving averages. With hedged goods flowing into spot markets, cargo holders were in a rush to sell, causing spot discounts against the SHFE 1403 copper contract price to expand to RMB 130-350/mt in the morning. A few trades went bargain hunting at midday, and some downstream buyers also sourced goods at prices around RMB 50,000/mt. Transactions for lower-priced goods improved from Wednesday, with traded prices at RMB 50,150-50,300/mt for standard-quality copper and RMB 50,300-50,500/mt for high-quality copper. In the afternoon, some traders sourced goods in the market, allowing spot discounts to narrow to RMB 80-280/mt. Trading was enlivened with traded prices slightly lower than morning session at RMB 50,150-50,380/mt. Aluminum SHFE 1404 aluminum contract started Wednesday’s night session at RMB 13,455/mt, and closed up RMB 10/mt at RMB 13,460/mt. 2,890 lots were traded during the night hours, and posi......

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