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 June delivery closed 0.35 percent higher at 43,480 yuan/metric ton (tonne) on Tuesday. Fundamentals remain a big concern for investors at present. Despite weather turning warm, demand from downstream sector did not improve obviously.
By April 3, the SHFE copper stocks increased to 246,656 tonnes, the highest in recent two years. Given sufficient supplies and weak demand, the SHFE copper is expected to hover around 43,000 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 43,530-43,650 yuan/tonne on Tuesday, up 140 yuan from the previous trading day.
On Tuesday, the Shanghai July nickel and July tin closed down 0.11 percent and 0.08 percent, while the SHFE aluminum, zinc and lead closed up 0.34 percent, 0.56 percent and 0.99 percent, respectively.
Latest comments