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

SHANGHAI, Mar. 25 (SMM)-- Copper: SHFE copper prices started last Friday's night session at RMB 45,650/mt, helped by a rebound in LME copper prices. The red metal hovered between RMB 45,350-45,550/mt after finding support at RMB 45,300/mt, and ended up RMB 190/mt at RMB 45,340/mt. During the trading hours, trading volumes totaled around 370,000 lots, while positions were barely changed. SHFE copper prices pulled back slightly after opening on Monday, and then fluctuated between RMB 45,050-45,150/mt after gaining support at RMB 44,900/mt. The red metal tested a low of RMB 44,860/mt during the afternoon trading session, and later followed LME copper prices up to finish up RMB 270/mt, or 0.6%, at RMB 45,420/mt on Monday. Trading volumes for the most active SHFE copper contract decreased by 231,000 lots, and positions gained 4,120 lots. Copper was offered on Monday at a premium of RMB 50-130/mt in the Shanghai market. Traded prices were RMB 45,270-45,370/mt for standard-quality copper and RMB 45,330-45,450/mt for high-quality copper. Cargo holders continued to move goods to generate cash as SHFE copper prices lacked impetus to bounce back. There was some buying interest since last Friday, with prices for standard-quality copper rising on increasing demand. Copper prices remained firm due to shortages of goods, while downstream producers merely hunted for bargains, with transactions done mostly by speculators on Monday. As SHFE copper prices remained relatively low during the afternoon trading session, spot copper traded mostly at a premium of RMB 70-150/mt. Standard-quality copper was sold between RMB 45,300-45,430/mt with tight supply in the market.        Aluminum: SHFE 1406 aluminum contract started last Friday's night session at RMB 12,785/mt before drifting lower to RMB 12,700/mt, and closed at RMB 12,750/mt. Trading volumes totaled 13,682 lots, and positions gained 2,464 lots to 122,154 lots. On Monday, the most active contract climbed to RMB 12,775/mt, but retreated to RMB 12,700/mt on the heels of disappointing economic data. HSBC's China March manufacturing PMI hit an 8-month low, fuelling worries over slowdown in the world's second largest economy. The light metal finally ended the day down RMB 25/mt at RMB 12,750/mt. Trading volumes totaled 12,686 lots, while positions were down 2,022 lots to 442 lots. SHFE 1406 aluminum contract will continue to be capped under the 5-day moving average for the immediate future. Spot aluminum largely traded at RMB 12,280-12,290/mt in Shanghai on Monday, RMB 12,270-12,280/mt in Wuxi, and RMB 12,310-12,320/mt in Hangzhou. Downstream producers in general stayed out of the market out of pessimism, while traders bought in small amounts. In the afternoon, offers remained unchanged, with few deals reported.    SMM surveyed 23 large aluminum smelters and traders in China. 22% of those surveyed expect spot aluminum prices to hold steady at RMB 12,250-12,300/mt this week. First, LME aluminum has found strong support at USD 1,700/mt following weeks of declines, but will meet resistance at the moving averages, with prices expected to move in a tight USD 1,710-1,740/mt range. Second, SHFE 1406 aluminum contract is now in “overbought territory”, and KDJ indicator is pointing upward, meaning a price rally is on the horizon. Prices for the most active SHFE aluminum contract will fluctuate between RMB 12,600-12,750/mt.

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