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

SHANGHAI, Aug. 22 (SMM) –    Copper  The most active SHFE 1410 copper contract followed LME copper up to as high as RMB 50,470/mt after starting Wednesday’s night session at RMB 49,620/mt. The price of the red metal closed up RMB 1,200/mt at RMB 50,440/mt. During the night session, trading volumes for the most active contract surged to more than 300,000 lots, but positions shed by 156 lots. Positions for the SHFE 1411 and 1412 copper contracts, however, spiked by more than 17,000 lots.   On Thursday, SHFE copper fell initially to hover narrowly around RMB 50,100/mt, depressed by worse-than-expected HSBC’s China manufacturing PMI, and finished up RMB 990/mt, or 2.01%, at RMB 50,230/mt. Trading volumes for the SHFE 1410 copper contract expanded by 149,000 lots, and positions contracted by 18,938 lots. The price of the red metal should drift higher for the foreseeable future with significant inflows of bulls.   In the Shanghai physical market, copper was offered Thursday at a RMB 330-400/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 50,700-50,800/mt for standard-quality copper and RMB 50,730-50,870/mt for high-quality copper.   As SHFE copper rebounded sharply, speculative investors ramped up deliveries, but held prices firm on a bullish outlook, with little price gap between high-quality copper brands. Middlemen were trading briskly during the morning trading. Trading activity, however, was restrained later by a small pullback in copper prices subsequently. Meanwhile, downstream producers barely entered the market since they considered prices too high, leaving transactions made mostly by middlemen.   As SHFE copper traded in narrow ranges during the afternoon trading session, physical copper was largely offered at a RMB 350-420/mt premium, with traded prices little changed. Low-priced standard-quality copper was barely found in the market as supply fell further. Meanwhile, quotations for a small volume of high-quality copper rose slightly from the morning trading session.

from metal.com