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

SHANGHAI, Jul. 31 (SMM) – Copper The most active SHFE 1409 copper contract swung by less than RMB 200/mt after starting Tuesday’s night session at RMB 50,460/mt, and closed down RMB 300/mt at RMB 50,410/mt. During the night session, trading volumes for the most active contract dwindled to some 100,000 lots, and positions shed by 4,442 lots. On Wednesday, the SHFE 1409 copper contract initially hovered around RMB 50,300/mt, finding support at RMB 50,140/mt, and fell further to RMB 50,100/mt subsequently due to increasing selling force. The price of the red metal recovered some losses at the tail of the trading and finished down RMB 420/mt, or 0.83%, at RMB 50,160/mt. Trading volumes for the SHFE 1409 copper contract gained by 7,918 lots, and positions decreased by 13,512 lots. Copper for October delivery became the most active contract on the Shanghai Futures Exchange on Wednesday. Trading volumes for the SHFE 1410 copper contract added 68,016 lots, and positions rose by 12,434 lots. SHFE copper was more resistant to declines than other base metals, hovering between the 10-day and 20-day moving averages, but will test support at the RMB 50,000/mt mark in the near term. In the Shanghai physical market, copper was offered Wednesday between a RMB 100/mt discount and a RMB 20/mt premium over the SHFE 1408 copper contract. Traded prices were RMB 50,350-50,430/mt for standard-quality copper and RMB 50,400-50,500/mt for high-quality copper. As SHFE copper prices bottomed out, cargo holders were anxious to move goods at the end of July. Some traders with considerable cash flows entered the market to buy low-priced goods, causing physical discounts to narrow, with high-quality copper offered at a small premium.

from metal.com