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

SHANGHAI, Jul. 11 (SMM) – Copper The most active SHFE 1409 copper contract started Wednesday’s night session at RMB 51,100/mt, and then trended lower to close down 420/mt at RMB 50,560/mt. During the night session, trading volumes for the most active contract hovered at around 240,000 lots, and positions gained by 656 lots. On Thursday, SHFE copper prices fluctuated largely between RMB 50,460-50,700/mt, and ended down RMB 410/mt, or 0.8%, at RMB 50,570/mt. Trading volumes for the SHFE 1409 copper contract shed by 22,216 lots, and positions added by 7,596 lots. The red metal is expected to trade in ranges for the near term, testing support at the 10-day moving average. The turnover rate for the most active SHFE 1409 copper contract reached as high as 151% on Thursday. In the Shanghai physical market, copper was offered Thursday between a RMB 40/mt discount and a RMB 120/mt premium over the SHFE 1407 copper contract. Traded prices were RMB 51,170-51,270/mt for standard-quality copper and RMB 51,270-51,370/mt for high-quality copper. The price gap between the SHFE 1407 and 1408 copper contracts narrowed to around RMB 300/mt after SHFE copper prices fell by more than RMB 400/mt. In response, cargo holders moved goods actively at firm prices ahead of the delivery date, causing physical discounts to contract. Copper was sold at a premium by the midday. Supply was sufficient on Thursday with a variety of goods available in the market. Middlemen entered the market to purchase large volumes of copper, while downstream producers bought on an as-needed basis, leaving trading activity moderate. As SHFE copper prices steadied during the afternoon trading session, high-quality copper began trading at a lower premium due to increasing supply.

 from metal.com