Author：Site  Source：Original Site  Click to rate：1101  Post time：2014-07-23

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

SHANGHAI, Jul. 23 (SMM) –    Copper  Helped by LME copper prices rebounding overnight above USD 7,000/mt, the most active SHFE 1409 copper contract advanced to RMB 49,800/mt after starting Monday’s night session at RMB 49,670/mt. Prices for the contract closed up RMB 380/mt, or 0.77%, at RMB 49,800/mt. During the night session, positions for the SHFE 1409 copper contract rose 6,026 lots to 276,974 lots, but total trading volumes decreased fractionally.   On Tuesday, SHFE copper prices followed LME copper prices up after opening at RMB 49,670/mt, but later fell below the RMB 50,000/mt mark after failing to rise above RMB 50,110/mt. The red metal dipped to RMB 49,830/mt at the tail of the trading and ended up RMB 470/mt, or 0.95%, at RMB 49,890/mt. Positions for the SHFE 1409 copper contract dwindled 12,586 lots to 258,362 lots. Overall trading activity remained brisk on Tuesday.   The most active contract now faces strong resistance at the RMB 50,000/mt mark, but also finds some base support. As aluminum and zinc prices are surging, investors are buying aluminum while selling copper, with positions for SHFE copper down. SHFE copper prices should continue to hover around RMB 50,000/mt on Wednesday.   In the Shanghai physical market, copper was offered Tuesday at a RMB 80-180/mt discount over the SHFE 1408 copper contract. Traded prices were RMB 50,050-50,150/mt for standard-quality copper and RMB 50,100-50,250/mt for high-quality copper. SHFE copper prices bottomed out on Tuesday, while physical copper prices also rebounded above the RMB 50,000/mt mark. In response, most cargo holders moved goods in large volumes at a discount, and middlemen went bargain-hunting, with low-priced goods barely found in the market. Downstream producers bought only to need, and transactions were done mostly by speculators. 

from metal.com