Copper futures traded on the Shanghai Futures Exchange (SHFE) closed higher on Wednesday, tracking its three-month copper peer on the London Metal Exchange (LME).
The Shanghai benchmark copper contract for July delivery closed 1.14 percent higher at 46,260 yuan/metric ton (tonne) on Wednesday. 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 46,100- 46,440 yuan/tonne on Wednesday, up 370 yuan from the previous trading day. On Wednesday, the SHFE July aluminum closed flat at 13,380 yuan/tonne. The SHFE benchmark zinc and lead closed up 1.39 percent and 1.83 percent, while the SHFE nickel and tin both for July delivery closed down 1.34 percent and 0.26 percent, respectively.
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