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

SHANGHAI, Dec. 24 (SMM) – Copper Copper for March delivery on the Shanghai Futures Exchange, the most active contract, started Monday’s night session at RMB 45,890/mt and then tacked LME copper down to RMB 45,600/mt. The price of the SHFE 1503 copper contract rebounded slightly at the tail of the trading and closed down RMB 60/mt, or 0.13%, at RMB 45,700/mt. During the night session, positions for the most active contract gained 9,452 lots to 298,606 lots, while trading volumes totaled 100,052 lots. SHFE copper initially rose to an intraday high of RMB 47,770/mt, but fell to RMB 45,560/mt afterwards before ending down RMB 130/mt, or 0.28%, at RMB 45,630/mt. Positions added 19,398 to 307,552 lots, and trading volumes increased over 25,000 lots. Positions for the SHFE 1502 copper contract shrank some 20,000. The price of the red metal confronts resistance at the 10-day and 20-day moving averages, but has found solid support at the 5-day moving average. Spot copper in Shanghai was quoted Tuesday between a RMB 80/mt discount and a RMB 20/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 46,380-46,540/mt and RMB 46,420-46,620/mt, respectively. As SHFE copper hovered at lows, spot copper trading slowed on Tuesday, with prices quoted at a RMB 0-60/mt discount in the morning trading. Some speculative traders offered a higher discount to capitalize on a RMB 200/mt fall in SHFE copper by the midday. Standard-quality copper prices were quoted at a RMB 30-80/mt discount. Middlemen largely stayed out of the market, while some downstream producers bought as needed at low prices.
from metal.com