Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Wednesday, 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 46,130 yuan/metric ton (tonne) on Wednesday, representing a four-day winning streak. On Wednesday, the rising NYMEX crude oil lent support to the commodity market.
Meanwhile, by April 30, the SHFE copper stocks amounted to 188,165 tonnes, down 23.71 percent from the early April, indicating the consumption recovery, said analysts. Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 45,950-46,500 yuan/tonne on Wednesday, up 390 yuan from the previous trading day.
On Wednesday, other SHFE base metals also closed higher with the benchmark aluminum, zinc, lead, nickel and tin up 1.42 percent, 1.52 percent, 0.76 percent, 4.99 percent and 3.77 percent, respectively.
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