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

SHANGHAI, Sep. 19 (SMM) –    Copper  The most active SHFE 1411 copper contract met resistance at RMB 49,500/mt after starting Wednesday’s night session at RMB 49,290/mt, and closed up RMB 100/mt at RMB 49,370/mt. During the night session, trading volumes for the most active contract totaled some 120,000 lots, and positions shrank by 2,470 lots.   On Thursday, SHFE copper sank to as low as RMB 48,930/mt, and clawed back some losses at the tail of the trading to close down RMB 160/mt, or 0.32%, at RMB 49,110/mt. Trading volumes for the SHFE 1411 copper contract decreased by 194,000 lots, and positions shed by 5,308 lots. The price of the red metal is expected to trade in ranges for the near term, facing strong resistance at the 20-day moving average.   Copper in Shanghai was quoted Thursday at a RMB 160-280/mt premium to the SHFE 1410 copper contract. Traded prices were RMB 49,630-49,850/mt for standard-quality copper and RMB 49,670-49,950/mt for high-quality copper. Imported copper brands flocked to the market after the Shanghai/LME lead price ratio improved, leaving abundant supply in the market. The price of standard-quality copper and hydro-copper held firm due to tight supply, drawing closer to that of high-quality copper. Downstream producers bought on Thursday only to need, with modest trading.   As SHFE copper continued to trade in narrow ranges during the afternoon trading session, physical copper was quoted largely at a RMB 170-270/mt premium and traded at RMB 49,650-49,850/mt. Standard-quality copper supply tightened on Thursday. 

 from metal.com