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Tags: copper prices,  aluminum prices,  lead prices,  aluminium sheet,  tin prices,  nickel prices

SHANGHAI, Aug. 11 (SMM)-- Copper: The most active SHFE 1410 copper contract started Thursday's night session at RMB 49,700/mt, and then surged to RMB 50,030/mt before ending up RMB 140/mt at RMB 49,860/mt. During the night session, trading volumes for the most active contract totaled around 150,000 lots, and positions gained by 9,024 lots. On Friday, SHFE copper prices fell to as low as RMB 49,550/mt during the afternoon trading session, and finished down RMB 10/mt, or 0.02%, at RMB 49,710/mt. Trading volumes for the SHFE 1410 copper contract decreased by 8,840 lots, and positions added by 16,540 lots. The price of the red metal is expected to trade in ranges for the near term, meeting resistance at the 5-day moving average. In the Shanghai physical market, copper was offered Friday at a RMB 0-60/mt premium over the SHFE 1408 copper contract. Traded prices were RMB 50,180-50,250/mt for standard-quality copper and RMB 50,220-50,300/mt for high-quality copper. As SHFE copper prices fell back, the price gap between the SHFE 1408 and 1409 copper contracts hovered at around RMB 200/mt. Cargo holders continued to ramp up deliveries at highs, while copper imports increased as the SHFE/LME copper price ratio improved. The resultant growing supply caused physical premiums to narrow. The price of standard-quality copper, however, remained firm, flat with that of high-quality copper. Speculators entered the market to buy low-priced goods in the morning trading session, while downstream producers bought on an as-needed basis ahead of the weekend.

from metal.com