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

SHANGHAI, Aug. 25 (SMM) – Copper The most active SHFE 1410 copper contract surged to RMB 50,640/mt after starting Thursday’s night session at RMB 50,250/mt, and closed up RMB 280/mt at RMB 50,390/mt. During the night session, trading volumes for the most active contract hovered at around 200,000 lots, and positions added by 4,642 lots. On Friday, SHFE copper initially soared to RMB 50,850/mt, and closed up RMB 650/mt, or 1.3%, at RMB 50,760/mt. Trading volumes for the SHFE 1410 copper contract shrank by 64,696 lots, and positions decreased by 3,596 lots. Trading volumes for the SHFE 1411 copper contract rose by 1,018 lots, and positions increased by 18,430 lots. In the Shanghai market, copper was offered Friday at a RMB 350-430/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 51,050-51,350/mt for standard-quality copper and RMB 51,100-51,430/mt for high-quality copper. As SHFE copper extended gains, cargo holders continued to move goods at firm prices. The price of standard-quality copper was the same as that of high-quality copper due to limited supply. The SHFE 1409 copper contract surged to nearly RMB 51,000/mt by the midday. Tight supply prevented physical premiums from narrowing. Most downstream producers were only buying to need ahead of the weekend. As SHFE copper continued to hover at high levels during the afternoon trading session, copper was mostly offered at a RMB 370-450/mt premium and traded at RMB 51,300-51,450/mt. SHFE copper inventories for the week ending August 22 dwindled 10,297 mt to 86,556 mt. The slow issue of letter of credit (L/C) and customs clearance limited inflows of imported copper of late. Meanwhile, downstream producers were still buying on an as-needed basis last Friday.

from metal.com