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

SHANGHAI, Jan. 7 (SMM) –    Copper  The most active SHFE 1503 copper contract started lower at RMB 44,210/mt in Monday’s night session, against a tumble in LME copper and crude, and closed down RMB 540/mt at RMB 44,710/mt. During the night session, trading volumes for the most active contract surged to nearly 290,000 lots, while positions gained 346. Trading volumes for the SHFE 1504 copper contract amounted to some 100,000 lots, while positions increased 8,474.   SHFE copper swung by less than RMB 200/mt around RMB 44,800/mt on Tuesday, meeting resistance at RMB 44,900/mt, and finished down RMB 450/mt, or 0.99%, at RMB 44,800/mt. Trading volumes for the SHFE 1503 copper contract increased 259,000 lots, while positions shed 14,618. Trading volumes for the SHFE 1504 copper contract gained 106,000 lots, while positions added 12,280 lots.   Spot copper in Shanghai was quoted at a RMB 20-80/mt premium to the SHFE 1501 copper contract. Standard- and high-quality copper sold for RMB 45,620-45,680/mt and RMB 45,650-45,730/mt, respectively. Supply was ample as hedged goods hit the market following a fall in SHFE copper and as a rise in the SHFE/LME copper price ratio allowed for an influx of imported copper. Middlemen became less active due to little chance of arbitrage, while downstream producers bought mostly as needed, leaving trading quiet.   SHFE copper remained in a narrow range in the afternoon trading session. Copper supply was still sufficient as cargo holders of high-quality copper sold at a lower premium. The price gap between standard- and high-quality copper narrowed. Spot copper was largely offered at a RMB 20-60/mt, with traded prices little changed.  

from metal.com