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Tags: copper prices,  aluminum prices,  lead prices,  zinc prices,  tin prices,  aluminium sheet

SHANGHAI, Mar. 27 (SMM)-- Copper: The most active SHFE copper contract price reached a high of RMB 46,400/mt after starting higher at RMB 46,150/mt in Tuesday's night session, helped by rising LME copper prices. The contract price closed up RMB 620/mt at RMB 46,240/mt. During the trading hours, trading volumes stood at around 340,000 lots, and positions added 9,998 lots for the most active SHFE copper contract. On Tuesday, SHFE copper prices hovered mostly between RMB 46,050-46,250/mt, touching a low of RMB 45,920/mt in the morning trading session, and finished up RMB 520/mt, or 1.14%, at RMB 46,140/mt. Trading volumes shed 126,000 lots, while positions contracted 9,888 lots for the most active SHFE copper contract. Trading volumes gained 11,810 lots, and positions rose 15,158 lots for SHFE 1407 copper contracts. SHFE copper was trapped between the 5-day and 20-day moving averages on Wednesday. Spot copper was offered on Wednesday at a premium of RMB 140-200/mt in the Shanghai physical market. Traded prices were RMB 46,370-46,470/mt for standard-quality copper and RMB 46,400-46,530/mt for high-quality copper. As SHFE copper prices extended gains, cargo holders turned more bullish towards copper prices. Spot premiums were quoted higher due to shortage of spot copper supply since some hedged goods encountered difficult moving out. Guixi copper was offered at a premium of more than RMB 200/mt after SHFE copper prices rose slightly by the midday, but caution dominated the market at such high prices. Downstream producers purchased only as needed, while middlemen traded briskly on Wednesday. Most market participants believe there is still upside room for copper prices and spot premium.

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