Author：Site  Source：Network  Click to rate：1074  Post time：2014-05-12

Tags: SHFE copper,  SHFE aluminum prices,  lead prices,  zinc prices, aluminium sheet,  nickel prices

SHANGHAI, May. 12 (SMM) – Copper The most active SHFE 1408 copper contract crept as high as RMB 47,260/mt after starting Thursday’s night at RMB 46,890/mt, boosted by a rebound in LME copper prices, and ended up RMB 510/mt at RMB 47,180/mt. Traded volumes recovered to around 130,000 lots, while positions added 4,802 lots. SHFE copper prices hovered Friday mostly around RMB 47,100/mt, and rallied to RMB 47,290/mt at the tail of the trading before closing up RMB 600/mt, or 1.29%, at RMB 47,270/mt. Traded volumes and positions for the most active SHFE copper contract gained 16,070 and 178 lots, respectively. Total traded volumes and positions lost 29,978 and 2,580 lots, respectively. In the Shanghai physical market, copper was quoted Friday at a premium of RMB 480-550/mt over the SHFE 1405 copper contract. Traded prices were RMB 49,330-49,400/mt for standard-quality copper and RMB 49,360-49,450/mt for high-quality copper. A sharp rebound in SHFE copper prices gave cargo holders incentives to trade at firm prices, but trading activity remained light. High-quality copper dominated the market, and standard-quality copper and hydro-copper were traded in limited amounts, with prices less than RMB 50/mt below high-quality copper. The price gap between the SHFE 1405 and 1406 copper contracts widened subsequently to over RMB 800/mt. Copper premiums narrowed slightly, and quotations for standard-quality copper also were down to some extent. Downstream producers ramped up purchases modestly ahead of the weekend, with transactions done largely by middlemen.

from metal.com