Author：Site  Source：Original Site  Click to rate：1036  Post time：2014-07-25

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

SHANGHAI, Jul. 25 (SMM) –    Copper  The most active SHFE 1409 copper contract hovered largely between RMB 49,870-50,020/mt after starting Wednesday’s night session at RMB 49,940/mt, and closed up RMB 80/mt at RMB 49,980/mt. During the night session, trading volumes for the most active contract dwindled to around 80,000 lots, and positions gained by 2,076 lots.   On Thursday, HSBC’s flash China manufacturing PMI surged to a 18-month high in July, significantly boosting market sentiment. In response, SHFE copper prices rallied to a high of RMB 50,690/mt at the tail of the trading, and ended up RMB 750/mt, or 1.5%, at RMB 50,650/mt. Trading volumes for the SHFE 1409 copper contract increased by 57,130 lots, and positions fell by 20,878 lots.   In the Shanghai physical market, copper was offered Thursday at a RMB 0-120/mt discount over the SHFE 1408 copper contract. Traded prices were RMB 50,500-50,600/mt for standard-quality copper and RMB 50,560-50,700/mt for high-quality copper.   The SHFE front-month copper contract rebounded by more than RMB 600/mt, boosted by encouraging HSBC’s flash China manufacturing PMI for July. Speculators entered the market to buy low-priced goods in the morning trading. As copper prices steadied, large quantities of copper flowed in the market, adding to pressure from growing supply. Copper thus was sold at a discount by the midday.   Middlemen showed modest buying interest as the rally in copper prices squeezed their profit margins, and some of them bought physical copper while selling futures contracts. Downstream producers were largely staying on the sidelines on Thursday, with trading activity muted.   As SHFE copper prices hovered at high levels during the afternoon trading session, physical copper was offered at a RMB 50-180/mt discount, and traded at RMB 50,600-50,750/mt. Some speculators entered the market to buy high-quality copper, and transactions were still done mostly by middlemen.

from metal.com