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

SHANGHAI, Sept. 11 (SMM)-- Copper: Dampened by a tumble in LME copper, SHFE copper sank to RMB 48,530/mt after starting Tuesday's night session at RMB 49,300/mt, and closed down RMB 720/mt at RMB 48,840/mt. During the night session, trading volumes for the most active SHFE 1411 copper contract surged to 310,000 lots, while positions gained by 392 lots. On Wednesday, SHFE copper initially hovered around RMB 48,900/mt, reaching as high as RMB 49,140/mt, but retreated during the afternoon trading session to end down RMB 690/mt, or 1.39%, at RMB 48,870/mt. Trading volumes for the SHFE 1411 copper contract increased by 314,000 lots, and positions added by 4,208 lots. The price of the red metal is expected to fall further in the near term due to growing bearishness in the market and negative technical indicators. Physical copper in Shanghai was quoted Wednesday between a RMB 20/mt discount and a RMB 120/mt premium to the SHFE 1409 copper contract. Traded prices were RMB 49,550-49,650/mt for standard-quality copper and RMB 49,640-49,820/mt for high-quality copper. A plunge in SHFE copper caused hedged goods to flock in the market on Wednesday, which inflated market supply and in turn dragged down physical premiums. Standard-quality copper was sold at a small discount, with trading slightly better than high-quality copper. Middlemen entered the market to buy while building short positions. Downstream producers barely entered the market amid continued declines in copper prices, leaving trading muted on Wednesday. As SHFE copper moved sideways during the afternoon trading session, physical copper was largely quoted between a RMB 30/mt discount and a RMB 100/mt premium, and traded at RMB 49,460-49,620/mt.

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