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 July delivery closed 0.94 percent higher at 44,240 yuan/metric ton (tonne) on Thursday.
On Thursday, US dollar weakens, lending support to the red metal as dollar-denominated commodities appeared cheaper to holders of other currencies. Given the still-weak fundamentals, it will be hard for the red metal to rebound sharply in the near term, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 44,310-44,570 yuan/tonne on Thursday, up 265 yuan from the previous trading day. The Shanghai July Aluminum closed down 0.11 percent to 13,345 yuan/tonne, while the SHFE zinc, lead, nickel and tin closed up 0.27 percent, 0.47 percent, 3.48 percent and 0.70 percent, respectively.
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