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

SHANGHAI, Apr. 4 (SMM) – Copper The most active SHFE copper contract price followed LME copper prices down to RMB 46,500/mt after starting at RMB 47,040/mt, and ended down RMB 140/mt at RMB 46,570/mt during Wednesday’s night session. Traded volumes rose slightly to around 190,000 lots, while positions gained by 8,702 lots. On Thursday, SHFE copper prices fell to around the RMB 46,000/mt mark after losing support at RMB 46,500/mt, and hovered narrowly around RMB 46,200/mt during the afternoon trading session. The red metal rebounded at the tail of the trading to regain some losses and closed down RMB 380/mt, or 0.81%, at RMB 46,330/mt on Thursday. Traded volumes for the most active SHFE copper contract rose by 170,000 lots, and positions added by 16,494 lots. SHFE copper prices have sought support at the 10-day moving average, and aim to rise above the 30-day moving average in the near term. In the Shanghai physical market, copper was offered Thursday at a premium of RMB 150-270/mt over the SHFE current-month copper contract. Traded prices were RMB 46,750-46,950/mt for standard-quality copper and RMB 46,830-47,050/mt for high-quality copper. As SHFE copper prices trended lower, cargo holders still managed to trade at the same premiums as Wednesday. SHFE copper prices later snapped their losing streak, with low-priced copper barely found in the market. This, combined with a more than RMB 150/mt gap between the SHFE 1404 copper contract and the SHFE 1405 copper contract, pushed spot premiums higher.

from metal.com