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

SHANGHAI, Aug. 20 (SMM) –    Copper  The most active SHFE 1410 copper contract rallied to RMB 49,300/mt after starting Monday’s night session at RMB 49,070/mt, but fell slightly at the tail of the trading to end up RMB 90/mt at RMB 49,090/mt. During the night session, trading volumes for the most active contract edged down to some 80,000 lots, and positions rose by 7,312 lots.   On Tuesday, SHFE copper hovered largely between RMB 49,050-49,150/mt during the morning trading session, and surged to a high of RMB 49,450/mt subsequently to close up RMB 390/mt, or 0.8%, at RMB 49,390/mt. Trading volumes for the SHFE 1410 copper contract added by 24,640 lots, and positions lost by 1,548 lots. The price of the red metal has risen above the 60-day moving average, but is still facing resistance at the 10-day moving average.   In the Shanghai physical market, copper was offered Tuesday at a RMB 140-240/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 49,520-49,580/mt for standard-quality copper and RMB 49,560-49,640/mt for high-quality copper. As SHFE copper extended gains, cargo holders continued to push up physical premiums, while some middlemen entered the market to buy standard-quality copper to deliver goods under long-term contracts. The price of standard-quality copper later held firm, while that of high-quality copper traded at a higher premium. Transactions were done mostly among middlemen on Tuesday. Most downstream producers stayed out of the market, leaving trading muted.   As SHFE copper rose further during the afternoon trading session, physical copper was offered at a higher premium of RMB 180-280/mt. Traded prices rose to RMB 49,630-49,730/mt since supply decreased from the morning trading session.

from metal.com