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

SHANGHAI, Mar. 13 (SMM) – Copper The most active SHFE 1406 copper contract dipped as low as RMB 43,890/mt, and ended down 4.28% at RMB 44,020/mt in Tuesday’s night trading session. During the night session, trading volumes surged to more than 700,000 lots, and positions rose by 77,496 lots, with a bearish mood prevailing in the market. SHFE copper prices fell by the daily downside limit to RMB 43,690/mt, and then hovered around RMB 44,300/mt due to a large number of short investors liquidating positions. The red metal rebounded at the tail of the trading, and finished down RMB 1,490/mt or 3.24% at RMB 44,500/mt. Trading volumes surged 678,000 lots to 2.24 million lots, while positions expanded 91,350 lots to 820,000 lots on Wednesday. Technical indicators remained bullish. In the Shanghai physical copper market, prices were offered at a discount of RMB 60/mt to a premium of RMB 40/mt on Wednesday. Traded prices were RMB 44,240 -44,340/mt for standard-quality copper and RMB 44,320-44,440/mt for high-quality copper. After SHFE copper prices resumed trading in the wake of a plunge, spot copper began trading at a premium again. However, as hedged goods flowed into the physical copper market, spot premiums gradually narrowed, and some middlemen entered the market to purchase goods near the delivery time. Downstream producers refrained from buying raw material copper, while a number of domestic lead smelters were disinclined to trade on a wait-and-see attitude. The market was dominated by a bearish sentiment, with trading activity worse than Tuesday. SHFE copper prices continued to go down during the afternoon trading session, and the market was dominated by high-quality copper and hydro-copper held by speculators, with limited supply of standard-quality copper.

from metal.com