Author：Site  Source：Original Site  Click to rate：1054  Post time：2014-10-27

Tags: SHFE copper prices,  aluminium sheet,  SHFE lead prices,  SHFE zinc prices,  Shanghai tin prices,  Shanghai zinc prices

SHANGHAI, Oct. 27 (SMM) – Copper The most active SHFE 1501 copper contract swung by less than RMB 200/mt during Thursday’s night session after starting at RMB 47,230/mt, and closed up RMB 210/mt at RMB 47,260/mt. During the night session, trading volumes for the most active contract fell to some 90,000 lots, but positions gained by 11,868 lots. On Friday, SHFE copper surged to RMB 47,500/mt during the afternoon trading session, and finished up RMB 340/mt, or 0.72%, at RMB 47,390/mt. Trading volumes for the SHFE 1501 copper contract decreased by 10,408 lots, while positions added by 3,298 lots. Physical copper in Shanghai was quoted between a RMB 30/mt discount and a RMB 90/mt premium to the SHFE 1411 copper contract. Traded prices were RMB 47,900-48,050/mt for standard-quality copper and RMB 47,950-48,150/mt for high-quality copper. As SHFE copper was subdued during the morning trading session, cargo holders ramped up sales of high-quality copper at lower premiums. Meanwhile, the prices of low-quality hydro-copper and standard-quality copper held firm due to tight supply, close to those of high-quality copper. A small number of speculative traders entered the market to buy low-priced goods subsequently after premiums for high-quality copper fell to only RMB 10-20/mt. Most middlemen were cautious in trading, while downstream producers were mostly buying only to need on Friday. As SHFE copper rose further during the afternoon trading session, physical copper was quoted between a RMB 50/mt discount and a RMB 50/mt premium, and traded at RMB 47,950-48,200/mt. Guixi brand was quoted as low as a RMB 10/mt, while standard-quality copper was offered at a discount. SHFE copper inventories for the week ending October 24 decreased 2,134 mt to 95,101 mt.

from metal.com