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 September delivery closed 0.54 percent higher at 40,680 yuan/metric ton (tonne) on Thursday. By June 10, the SHFE copper stocks fell to about 105,300 tonnes, hitting the lowest in the year to date.
In addition, China's imports of refined copper also fell in the first half, implying the de-stocking process in the domestic copper market. Given the recent fundamentals, the SHFE copper is expected to hover around 40,500 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 40,920-41,360 yuan/tonne on Thursday, down 50 yuan from the previous trading day.
On Thursday, the SHFE nickel for September delivery closed down 0.48 percent at 85,430 yuan/tonne, while the Shanghai aluminum, zinc, lead and tin closed up 1.01 percent, 1.12 percent, 0.30 percent and 0.14 percent, respectively.
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