Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Thursday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for August delivery closed 0.53 percent higher at 42,080 yuan/metric ton (tonne) on Thursday. The SHFE copper's recent performance implied no obvious sign of recovery. Given the still sluggish demand, the SHFE will likely hover around 42,000 yuan/tonne in the near term, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 42,250-42,600 yuan/tonne on Thursday, up 250 yuan from the previous trading day. On Thursday, the Shanghai benchmark aluminum and zinc closed down 0.12 percent and 0.75 percent, while the SHFE benchmark lead, nickel and tin ended up 1.62 percent, 0.80 percent and 0.74 percent, respectively.