Author：Site  Source：Original Site  Click to rate：993  Post time：2014-09-17

Tags: SHFE copper prices,  SHFE aluminum prices,  SHFE lead prices,  SHFE zinc prices,  Shanghai tin prices,  Shanghai nickel prices

SHANGHAI, Sep. 17 (SMM) –    Copper  The most active SHFE 1411 copper contract met resistance at RMB 48,500/mt after starting Monday’s night session at RMB 48,410/mt, and ended up RMB 190/mt at RMB 48,480/mt. During the night session, trading volumes for the most active contract totaled some 140,000 lots, and positions added by 928 lots.   On Tuesday, SHFE copper followed LME copper up to RMB 48,900/mt, and then hovered around RMB 48,700/mt, finding support at RMB 48,600/mt. The price of the red metal retreated slightly at the tail of the trading to close up RMB 420/mt, or 0.87%, at RMB 48,710/mt. Trading volumes for the SHFE 1411 copper contract shrank by 74,204 lots, and positions decreased by 2,970 lots.   Physical copper in Shanghai was quoted Tuesday at a RMB 140-250/mt premium to the SHFE 1410 copper contract. Traded prices were RMB 49,220-49,340/mt for standard-quality copper and RMB 49,280-49,420/mt for high-quality copper. After SHFE copper rose sharply on Tuesday, cargo holders pushed up physical premiums, but buyers considered prices too high. Some middlemen with abundant cash flows entered the market to buy as copper prices steadied by the midday, leaving trading better than Monday. Meanwhile, downstream producers bought only as needed, with transactions done mostly by middlemen.   As SHFE copper was subdued during the afternoon trading session, physical copper was mostly quoted at a RMB 170-300/mt premium and traded slightly higher at RMB 49,250-49,450/mt. Transactions were done mostly by middlemen on Tuesday, with decreasing supply in the market. 

from metal.com