Author：Site  Source：Original Site  Click to rate：898  Post time：2014-09-01

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

SHANGHAI, Sept. 1 (SMM) – Copper The most active SHFE 1410 copper contract dipped to RMB 49,500/mt after starting Thursday’s night session at RMB 50,100/mt, and closed down RMB 550/mt at RMB 49,700/mt. During the night session, trading volumes for the most active contract surged to 210,000 lots, and positions decreased by 6,506 lots. Trading volumes and positions for the SHFE 1411 lead contract gained by 100,000 lots and 9,184 lots, respectively. On Friday, SHFE copper initially found support at RMB 49,700/mt, and fell at the tail of the trading to close down RMB 470/mt, or 0.94%, at RMB 49,780/mt. The SHFE 1411 copper contract rose to as high as RMB 49,800/mt, and finished down RMB 490/mt, or 0.98%, at RMB 49,570/mt. Trading volumes for the SHFE 1410 copper contract added by 145,000 lots, but positions dwindled by 23,974 lots. Trading volumes and positions for the SHFE 1411 copper contract increased by 87,104 lots and 16,060 lots, respectively. In the Shanghai physical market, copper was offered Friday at a RMB 120-220/mt premium over the SHFE 1409 copper contract. Traded prices were RMB 50,200-50,280/mt for standard-quality copper and RMB 50,250-50,350/mt for high-quality copper. After SHFE copper slumped on Friday, hedged supply flooded into the market, while most downstream producers showed modest buying interest in the last trading day of August, causing spot premiums to fall. As the price of the red metal steadied by the midday, spot premiums edged up since some middlemen with sufficient cash flows began buying low-priced goods.

from metal.com