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

SHANGHAI, May 23 (SMM)-- Copper: The August-delivery SHFE copper opened lower at RMB 47,810/mt at Wednesday's night trading, but were driven up by closures of short positions. The August copper contract finished the session at RMB 48,210/mt, down RMB 160/mt. Traded volumes for the most active SHFE copper contract climbed to about 220,000 lots, while positions fell by 4,022 lots. During Thursday's day trading, bright HSBC China manufacturing PMI boosted stock and futures markets, allowing SHFE 1408 copper contract to keep rising before stabilizing at RMB 48,400/mt, but resistance at RMB 48,500/mt was strong. The most active SHFE copper contract closed the session at RMB 48,260/mt, down RMB 110/mt or 0.23%. Traded volumes for the August copper contract rose by 98,118 lots, while positions fell by 4,746 lots. On May 22, refined copper was offered at premiums of RMB 530-700/mt against SHFE 1406 copper contract prices in Shanghai. Standard-quality copper was sold at RMB 49,800-49,880/mt, and high-quality copper at RMB 49,900-50,000/mt. The above-expected HSBC flash China manufacturing PMI for May helped SHFE copper prices rally on Thursday. Cargo holders kept quotations little change from Wednesday. Supply in physical copper market, especially hydro-copper, was limited. Some dealers sourced goods in the morning, while downstream buyers still purchased according to production needs. After SHFE copper prices pulled back a touch during the afternoon trading session, physical copper was largely quoted at a premium of RMB 550-700/mt.

from metal.com