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

SHANGHAI, Aug. 15 (SMM)-- Copper: The most active SHFE 1410 copper contract followed LME copper prices down to RMB 48,890/mt after starting Wednesday's night session at RMB 49,300/mt, and closed down RMB 560/mt at RMB 48,950/mt. During the night session, trading volumes for the most active contract rose to around 180,000 lots, and positions added by 9,032 lots. On Thursday, SHFE copper prices advanced to a high of RMB 49,120/mt, meeting resistance at the RMB 49,000/mt mark, and ended down RMB 590/mt, or 1.19%, at RMB 48,920/mt. Trading volumes increased by 26,490 lots, and positions expanded by 13,258 lots. The price of the red metal is expected to fall further in the near term. In the Shanghai physical market, copper was offered Thursday at a RMB 10-80/mt discount over the SHFE 1408 copper contract. Traded prices were RMB 49,440-49,500/mt for standard-quality copper, and RMB 49,480-49,560/mt for high-quality copper. As SHFE copper prices fell, the price gap between the SHFE 1408 and 1409 copper contracts still didn't narrow ahead of the delivery date, adding to concerns about a possible price fall. Cargo holders continued to convert inventories into cash. Copper supply thus was sufficient on Thursday, with the market dominated by hydro-copper and non-standard copper. Some middlemen entered the market to buy to satisfy demand under long-term contracts, while downstream producers expressed lower buying interest on bearish sentiment. As the SHFE 1408 copper contract edged up during the afternoon trading session, standard-quality copper prices held firm on decreasing supply. Physical copper was largely offered Thursday at a RMB 10-50/mt discount and traded at RMB 49,500-49,560/mt.  

from metal.com