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

SHANGHAI, May. 15 (SMM) – Copper The most active SHFE copper contract swung between RMB 48,100-48,300/mt after starting Tuesday’s night session at RMB 48,730/mt, and ended down RMB 70/mt at RMB 48,200/mt. During the night session, traded volumes fell slightly to some 90,000 lots, while positions added 3,582 lots. On Wednesday, SHFE copper prices initially sank as low as RMB 47,930/mt, but bottomed out to a high of RMB 48,510/mt at the tail of the trading before finishing up RMB 230/mt, or 0.48%, at RMB 48,500/mt. Traded volumes for the SHFE 1408 copper contract lost 101,000 lots, while positions gained 9,254 lots. Traded volumes and positions for the SHFE 1407 copper contract contracted 44,056 and 7,396 lots, respectively. In the Shanghai physical market, copper was quoted Wednesday at a discount of RMB 140-220/mt over the SHFE front-month contract. Traded prices were RMB 49,980-50,100/mt for standard-quality copper and RMB 50,000-50,200/mt for high-quality copper. As SHFE copper prices pulled back slightly and the price gap between SHFE 1405 and 1406 copper contracts narrowed to less than RMB 1,000/mt, cargo holders continued to ramp up deliveries at high prices. Standard-quality copper gained favor with market participants and traded virtually at the same price as high-quality copper. Prices for high-quality copper and hydro-copper were low due to ample supply. In this context, some speculators with significant liquidity entered the market to purchase low-priced goods, while downstream producers remained on the sidelines. Transactions were mostly done by middlemen on Wednesday.

from metal.com