Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Friday, tracking strong local equity markets. The Shanghai benchmark copper contract for June delivery closed 1.27 percent higher at 43,690 yuan/metric ton (tonne) on Friday.
On Friday, the Shanghai Composite Index closed up 2.20 percent at 4,287.30. The recent performance of the Shanghai red metal shows that it lacked the driving force to increase further. 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 43,820-44,060 yuan/tonne on Friday, up 350 yuan from the previous trading day.
On Friday, the Shanghai July tin closed 2.46 percent lower at 110,000 yuan/tonne, while the SHFE aluminum, zinc, lead and nickel closed up 0.53 percent, 0.51 percent, 2.19 percent and 0.80 percent, respectively.
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