Copper futures traded on the Shanghai Futures Exchange (SHFE) closed higher on Tuesday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for July delivery closed 0.11 percent higher at 45,830 yuan/metric ton (tonne) on Tuesday.
With the arrival of peak season, investors expected domestic copper demand to recover. Given the current fundamentals, the SHFE copper was projected to hover around 46,000 yuan/tonne in the near term, said analysts. Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 45,800 - 46,000 yuan/tonne on Tuesday, up 55 yuan from the previous trading day.
On Tuesday, other SHFE metals closed lower with the benchmark aluminum, zinc, lead, nickel and tin down 1.00 percent, 0.97 percent, 1.37 percent, 0.84 percent and 1.40 percent, respectively.
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