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

SHANGHAI, Jul. 10 (SMM) – Copper The most active SHFE 1409 copper contract rallied to RMB 51,480/mt after starting Tuesday’s night session higher at RMB 51,250/mt, boosted by rising LME copper prices. SHFE copper prices, however, fell to a trough of RMB 50,870/mt subsequently due to profit-taking activity and declining LME copper prices, and closed down RMB 60/mt at RMB 50,910/mt. During the night session, trading volumes for the most active contract grew to 210,000 lots, and positions expanded by 124 lots. On Wednesday, SHFE copper prices initially touched a high of RMB 51,100/mt, but later hovered largely around RMB 50,850/mt, weighed down by relatively weak Chinese economic reports. The red metal dipped to RMB 50,670/mt during the afternoon trading session, depressed by a plunge in China’s stock and futures markets, but rebounded at the tail of the trading to end down RMB 40/mt, or 0.08%, at RMB 50,930/mt. Trading volumes for the SHFE 1409 copper contract added by 52,742 lots, and positions decreased by 294 lots. In the Shanghai physical market, copper was offered Wednesday largely between a RMB 150/mt discount and a RMB 30/mt premium over the SHFE 1407 copper contract. Traded prices were RMB 51,500-51,540/mt for standard-quality copper and RMB 51,620-51,740/mt for high-quality copper. As SHFE copper prices hovered Wednesday in narrow ranges, large quantities of imported copper flowed in domestic markets. Hydro-copper and standard-quality copper prices both were quoted at low levels, but high-quality copper prices held firm due to shortages of supply. Supply was ample in the market as a whole on Wednesday. Middlemen entered the market to buy low-priced goods, but downstream producers purchased only to need, with trading activity improving slightly. As SHFE copper prices bottomed out during the afternoon trading session, high-quality copper supply increased.

from metal.com