Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Wednesday, tracking bullish local equity markets. The Shanghai benchmark copper contract for June delivery closed 0.02 percent higher at 43,460 yuan/metric ton (tonne) on Wednesday.
On Wednesday, the Shanghai Composite Index closed up 0.84 percent at 3,994.81. Despite closing higher, fundamentals remain a big concern for investors at present. 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 43,530-43,710 yuan/tonne on Wednesday, up 30 yuan from the previous trading day. On Wednesday, the Shanghai June lead closed 0.12 percent higher at 12,680 yuan/tonne, while the SHFE aluminum, zinc, nickel and tin closed down 0.15 percent, 0.03 percent, 2.93 percent and 0.64 percent, respectively.
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