Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Thursday, tracking higher local equity markets.
The Shanghai benchmark copper contract for September delivery closed 4.98 percent higher at 40,470 yuan/metric ton (tonne) on Thursday, hitting the biggest single-day rise so far this year. On Thursday, the Shanghai Composite Index closed up 5.76 percent at 3,709.33.
Driven by the local equities, investors in the red metal market increased their risk appetite on Thursday. Given the recent fundamentals, the SHFE copper is expected to hover around 40,000 yuan/tonne in the near term, say analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 41,280-41,570 yuan/tonne on Thursday, up 2,025 yuan from the previous trading day. On Thursday, other SHFE base metals also closed higher with the benchmark aluminum, zinc, lead and tin up 2.02 percent, 2.95 percent, 3.98 percent, 2.23 percent and 4.00 percent, respectively.
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