Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Tuesday, tracking its three-month copper peer on the London Metal Exchange (LME).
The Shanghai benchmark copper contract for August delivery closed 0.02 percent higher at 41,910 yuan/metric ton (tonne) on Tuesday. Due to the absence of driving force, the SHFE copper will find it hard to rebound.
It will likely hover around 41,000 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 42,250-42,400 yuan/tonne on Tuesday, up 25 yuan from the previous trading day.
On Tuesday, the Shanghai benchmark tin and nickel closed down 1.02 percent and 0.53 percent, while the SHFE benchmark aluminum, lead and tin ended up 0.67 percent, 0.73 percent and 0.51 percent, respectively.
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