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

SHANGHAI, May 21 (SMM)-- Copper: The most active SHFE copper contract swung by around RMB 100/mt during Monday's night session, meeting resistance at RMB 48,910/mt and closing up RMB 230/mt at RMB 48,850/mt. During the night session, traded volumes totaled around 100,000 lots, while positions added 2,620 lots. On Tuesday, SHFE copper prices encountered resistance at the RMB 49,000/mt mark, and then fell after briefly touching RMB 49,080/mt. The red metal dipped to a low of RMB 48,650/mt during the afternoon trading session, and finished up RMB 190/mt, or 0.39%, at RMB 48,810/mt. Traded volumes for the most active SHFE copper contract lost 149,000 lots, while positions shed 8,462 lots. Totaled traded volumes fell 229,000 lots, while total positions shrunk 17,068 lots. In the Shanghai physical market, copper was quoted Tuesday at a premium of RMB 500-780/mt over the SHFE front-month copper contract. Traded prices were RMB 50,350-50,480/mt for standard-quality copper and RMB 50,550-50,730/mt for high-quality copper. As SHFE copper prices pulled back after a rally, cargo holders of imported copper continued to move goods at lower premiums due to ample supply. Prices of high-quality copper held firm against growing costs, while downstream consumption was relatively weak, resulting in an over RMB 200/mt price gap between standard-quality and high-quality copper. Middlemen entered the market at some stage, with a variety of brands available in the market on Tuesday.

from metal.com