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

SHANGHAI, Dec. 26 (SMM) – Copper Copper for March delivery on the Shanghai Futures Exchange, the most active contract, swung by some RMB 200/mt in Wednesday’s night session after starting at RMB 45,430/mt. The price of the SHFE 1503 copper contract rose to as high as RMB 45,550/mt afterwards and closed down RMB 40/mt at RMB 45,460/mt. During the night session, trading volumes for the most active contract totaled around 100,000 lots, while positions increased by 2,102. SHFE copper met resistance at RMB 45,700/mt and finished up RMB 130/mt, or 0.29%, at RMB 45,630/mt. Trading volumes for the most active contract expanded by 3,922 lots, while positions added by 5,320 lots. Total trading volumes shrank by 21,440 lots, and total positions contracted by 5,916 lots. Spot copper in Shanghai was quoted Thursday at a RMB 80-180/mt discount. Standard- and high-quality copper sold for RMB 46,260-46,320/mt and RMB 46,300-46,380/mt, respectively. Cargo holders cut discounts to boost sales, causing spot copper discount to expand, while some speculative traders went bargain-hunting and preferred standard-quality copper. Downstream producers only bought goods with VAT for December on Thursday, with transactions done mostly by middlemen. Spot copper discounts narrowed slightly to RMB 100-160/mt in the afternoon trading as some speculative traders went bargain-hunting.

from metal.com