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

SHANGHAI, May 30 (SMM) – Copper The most active SHFE copper contract continued to swing by less than RMB 100/mt after starting Wednesday’s night session at RMB 48,940/mt. Prices for the contract touched a low of RMB 48,820/mt afterwards, and closed up RMB 30/mt at RMB 48,870/mt. During the night session, trade volumes for the most active contract totaled around 50,000 lots, while positions added 4,138 lots. On Thursday, SHFE copper prices initially advanced to RMB 48,930/mt, but later sank to RMB 48,700/mt due to some sell-offs. The red metal fell further at the tail of the trading to RMB 48,440/mt, and finished down RMB 370/mt, or 0.76%, at RMB 48,470/mt on Thursday. Traded volumes and positions for the most active contract gained 18,850 lots and 7,842 lots, respectively. Traded volumes for the SHFE 1407 copper contract increased 12,578 lots, and positions lost 10,486 lots. In the Shanghai physical market, copper was quoted Thursday at a RMB 230-370/mt premium over the SHFE front-month copper contract. Traded prices were RMB 49,870-49,970/mt for standard-quality copper and RMB 49,930-50,070/mt for high-quality copper. As SHFE copper prices fell slightly and some imported copper flocked in the market, cargo holders lowered premiums to make deals, although prices for Guixi brand held firm. The price gap between the same brand surpassed RMB 100/mt on Thursday, and prices for domestic standard-quality copper were at relatively high levels. Middlemen barely entered the market on tight cash flows by the end of May, while downstream producers purchased goods only in small amounts at low prices.

from metal.com