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

SHANGHAI, May 16 (SMM) – Copper The most active SHFE copper contract swung between RMB 48,350-48,800/mt after opening Wednesday’s night session higher at RMB 48,650/mt, and closed up RMB 410/mt at RMB 48,600/mt. During the night session, traded volumes surged to some 230,000 lots, while positions added 6,684 lots. On Thursday, SHFE copper prices sank to around RMB 48,280/mt due to broad sell-offs, but rebounded to RMB 48,700/mt at the tail of the trading before finishing up RMB 480/mt, or 1%, at RMB 48,670/mt. Traded volumes for the most active SHFE copper contract increased 119,000 lots, while positions also rose 3,596 lots. Meanwhile, positions for the SHFE 1405 front-month copper contract stood at 2,880 lots in its last trading day, and prices of the contract ended at RMB 50,740/mt. Positions for the SHFE 1406 copper contract remained elevated at more than 110,000 lots, and prices of the contract finished at RMB 49,970/mt. The price gap between SHFE 1405 and 1406 copper contracts thus still hovered around RMB 800/mt, presaging a possible short squeeze in June. In the Shanghai physical market, copper was quoted Thursday at a discount of RMB 20-100/mt over the SHFE front-month copper contract. Traded prices were RMB 50,400-50,480/mt for standard-quality copper and RMB 50,460-50,560/mt for high-quality copper. The SHFE 1405 copper contract remained at RMB 50,500/mt during the last trading day before delivery, and was around RMB 800/mt higher than the SHFE 1406 copper contract.

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