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

SHANGHAI, May 28 (SMM) – Copper The most active SHFE copper contract swung by less than RMB 100/mt after starting Monday’s night session at RMB 49,100/mt, and finished up RMB 150/mt at RMB 49,080/mt. Traded volumes fell to around 50,000 lots, while positions gained 5,980 lots. On Tuesday, SHFE copper prices encountered resistance at RMB 49,100/mt, and tested support at RMB 48,770/mt during the afternoon trading session before ending down RMB 90/mt, or 0.18% at RMB 48,840/mt. Traded volumes for the most active contract shed 33,192 lots, while positions added 13,426 lots. In the Shanghai physical market, copper was quoted Tuesday at a premium of RMB 400-600/mt over the SHFE front-month copper contract. Traded prices were RMB 50,320-50,400/mt for standard-quality copper and RMB 50,400-50,580/mt for high-quality copper. After SHFE copper prices pulled back, cargo holders continued to move goods to raise cash by the end of May, helping inflating copper supply. Only premiums for four major high-quality copper brands fell slightly, and premiums for standard-quality copper also dropped after copper prices retreated. Middlemen favored low-priced copper supply, while downstream producers only purchased goods to need, with trading activity muted. As SHFE copper prices hovered at low levels during the afternoon trading session, cargo holders turned more willing to trade to generate cash at highs. Premiums for high-quality copper narrowed further due to speculators selling off goods, but these for standard-quality copper were essentially stable.

from metal.com