Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Friday, representing a four-day winning streak.
Tracking its three-month copper peer on the London Metal Exchange (LME), the Shanghai benchmark copper contract for September delivery closed 0.12 percent higher at 40,480 yuan/metric ton (tonne) on Friday. At present, fundamentals for the red metal improved a lot amid the de-stocking process.
The SHFE copper will likely keep a moderate movement and 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 40,950-41,170 yuan/tonne on Friday, down 80 yuan from the previous trading day.
On Friday, the SHFE benchmark zinc and lead for September delivery closed down 0.19 percent and 0.11 percent, while the Shanghai aluminum, nickel and tin closed up 0.12 percent, 0.45 percent and 1.34 percent, respectively. (Contributed by Hu Pingchao, hupingchao@xinhua.org)
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