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

SHANGHAI, Jul. 28 (SMM) – Copper The most active SHFE 1409 copper contract jumped to a high of RMB 50,930/mt after starting Thursday’s night session at RMB 50,760/mt, and closed up RMB 590/mt at RMB 50,880/mt. During the night session, trading volumes continued to hover at around 120,000 lots, and positions gained by 4,,234 lots. On Friday, SHFE copper prices initially dipped to RMB 50,600/mt, but rebounded at the tail of the trading to touch an intraday high of RMB 50,600/mt before ending up RMB 750/mt, or 1.49%, at RMB 51,040/mt. Trading volumes for the SHFE 1409 copper contract decreased by 59,048 lots, and positions shed by 1,030 lots. Despite positive technical indicators, SHFE copper prices will rely more on support from LME copper prices to trend up, since investors are cautious about buying at the end of July. In the Shanghai physical market, copper was offered Friday at a RMB 60-180/mt discount over the SHFE 1408 copper contract. Traded prices were RMB 50,640-50,760/mt for standard-quality copper and RMB 50,680-50,860/mt for high-quality copper. The pullback in SHFE copper prices prompted cargo holders to ramp up deliveries for cash, driving up physical discounts. Some middlemen later entered the market to buy low-priced goods, with standard-quality copper gaining favor. Downstream producers, however, stayed out of the market since they considered current prices too high. Transactions were done mostly by middlemen ahead of the weekend. As SHFE copper prices leveled out during the afternoon trading session, standard-quality copper prices remained firm due to decreasing supply and high-quality copper prices held steady. Physical copper was offered at a RMB 70-160/mt discount, with Guixi brand quoted at as low as a RMB 110/mt discount.

from metal.com