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

SHANGHAI, Nov. 12 (SMM) –    Copper  Copper for January delivery on the Shanghai Futures Exchange, the most active contract, started Monday’s night session at RMB 47,350/mt, and then edged down, with the higher end at only RMB 47,440/mt. The price of the SHFE 1501 copper contract found support at RMB 47,200/mt subsequently, and finished down RMB 120/mt at RMB 47,270/mt. During the night session, trading volumes for the most active contract shrank to some 70,000 lots, whereas positions were essentially unchanged.   On Tuesday, SHFE copper tracked LME copper down as low as RMB 47,110/mt, and ended down RMB 240/mt, or 0.51%, at RMB 47,150/mt. Trading volumes for the SHFE 1501 copper contract decreased by 87,778 lots, and positions shed by 1,032 lots.   Physical copper in Shanghai was quoted Tuesday at a RMB 0-80/mt discount to the SHFE 1411 copper contract. Traded prices were RMB 47,900-48,000/mt for standard-quality copper and RMB 47,940-48,060/mt for high-quality copper.   As SHFE copper hovered at low levels, the price gap between SHFE 1411 and 1412 copper contracts remained at some RMB 400/mt. Most cargo holders cut prices in the morning trade to boost sales to increase cash flows, causing physical copper to trade at a discount across the board. Physical discounts, however, narrowed some by the midday, with the price of hydro-copper holding firm due to shortages of supply. Speculative traders traded more actively, while downstream producers stepped up bargain-hunting. As such, trading activity improved slightly on Tuesday, with transactions done mostly by middlemen.   The price gap between the SHFE 1411 and 1412 copper contracts narrowed some during the afternoon trading when SHFE copper edged down.

from metal.com