Author：Site  Source：Original Site  Click to rate：1035  Post time：2014-08-28

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

SHANGHAI, Aug. 28 (SMM) – Copper Copper for October delivery, the most active contract on the Shanghai Futures Exchange, started Tuesday’s night session at RMB 50,670/mt, and then dipped to RMB 50,460/mt. The price of the red metal rebounded subsequently to close down RMB 60/mt at RMB 50,560/mt. During the night session, trading volumes for the SHFE 1410 copper contract totaled more than 70,000 lots, and positions lost 2,210 lots. On Wednesday, SHFE copper fell to as low as RMB 50,190/mt as a rising number of bulls headed for the exit, and finished down RMB 320/mt, or 0.63%, at RMB 50,300/mt. Trading volumes for the SHFE 1410 copper contract added by 39,372 lots, and positions decreased by 14,842 lots. The price of the red metal has fallen below RMB 50,500/mt, and is likely to pull back in the near term. In the Shanghai physical market, copper was offered Wednesday at a RMB 90-200/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 50,640-50,800/mt for standard-quality copper and RMB 50,700-50,880/mt for high-quality copper. After SHFE copper fell, spot copper for hedge flowed in the market, while cargo holders rushed to convert inventories into cash, both causing supply to grow. As a result, premiums for some copper brands fell by as much as RMB 100/mt. Premiums for standard-quality copper followed those for high-quality copper down. Some middlemen entered the market to buy after premiums for high-quality copper dropped to around RMB 150/mt. Downstream producers, however, continued to buy only to need, with transactions done mostly by middlemen on Wednesday.

from metal.com