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

SHANGHAI, May 26 (SMM) – Copper The most active SHFE copper contract encountered resistance at RMB 48,440/mt after starting Thursday’s night session at RMB 48,230/mt, and finished up RMB 200/mt at RMB 48,360/mt. During the night session, traded volumes held steady at some 120,000 lots, while positions added 2,740 lots. On Friday, SHFE copper prices stabilized around RMB 48,400/mt during the morning trading session, and then advanced to close up RMB 540/mt, or 1.12% at RMB 49,700/mt. Traded volumes for the most active SHFE copper contract lost 132,000 lots, and positions shed 5,130 lots. Total traded volumes decreased 173,000 lots, and total positions contracted 10,332 lots. SHFE copper prices have gradually risen above the 5-day and 10-day moving averages, but should continue to hover at high levels for the short term. In the Shanghai physical market, copper was quoted Friday at a premium of RMB 550-680/mt over the SHFE front-month copper contract. Traded prices were RMB 49,850-49,930/mt for standard-quality copper and RMB 49,930-50,030/mt for high-quality copper. The price gap between standard-quality and high-quality copper narrowed after SHFE copper prices stabilized. A small rally in SHFE copper prices by the midday gave cargo holders incentives to hold prices firm, causing physical supply to decrease. Downstream producers stepped up purchasing goods ahead of the weekend. During the afternoon trading session, a rally in SHFE copper prices gave cargo holders incentives to hold prices firm, and physical premiums narrowed slightly. Trading activity, however, was rather sluggish, with rare inquiries in the market.

from metal.com