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Tags: SHFE copper prices,  SHFE aluminum prices,  aluminium sheet,  SHFEzinc prices,  Shanghai tin prices,  Shanghai nickel prices

SHANGHAI, Jul. 9 (SMM) – Copper The most active SHFE 1409 copper contract hovered largely between RMB 50,800-51,100/mt after starting Monday’s night session at the RMB 51,000/mt. Boosted by the buy-the-dip activity, SHFE copper prices closed down RMB 80/mt at RMB 50,930/mt. During the night session, trading volumes for the most active contract rose slightly to around 180,000 lots, and positions gained by 13,670 lots. On Tuesday, SHFE copper prices fell to a low of RMB 50,750/mt during the morning trading session, but recouped early losses to hit a high of RMB 51,250/mt during the afternoon trading session before ending up RMB 170/mt, or 0.33%, at RMB 51,180/mt. Trading volumes for the SHFE 1409 copper contract contracted by 12,880 lots, and positions added by 21,010 lots. In the Shanghai physical market, copper was offered Tuesday at a RMB 0-140/mt discount over the SHFE 1407 copper contract. Traded prices were RMB 51,500-51,600/mt for standard-quality copper and RMB 51,600-51,700/mt for high-quality copper. As SHFE copper prices bottomed out, cargo holders continued to convert inventories into cash, with the market dominated by leading copper brands and imported standard-quality copper. Cargo holders offered a small premium to hold prices firm during the morning trading, but few transactions were reported. High-quality copper was barely offered at a premium after being lowered. Physical copper discounts, however, didn’t expand since middlemen entered the market to buy low-priced goods. Meanwhile, downstream producers continued to purchase copper only to need, and a majority of transactions were done among middlemen on Tuesday. As SHFE copper prices leveled out during the afternoon trading session, some cargo holders slightly raised offers to hold prices firm.

from metal.com