Copper futures traded on the Shanghai Futures Exchange (SHFE) ended higher on Thursday, ending a three-day losing streak. Tracking its three-month copper peer on the London Metal Exchange (LME), the Shanghai benchmark copper contract for August delivery closed 0.14 percent higher at 44,250 yuan/metric ton (tonne) on Thursday.
Despite closing higher on Thursday, the SHFE copper's recent performance implied no obvious sign of recovery. The SHFE copper stocks remained high at present amid weak demand on the domestic market. Under such circumstances, the SHFE will likely hover around 44,500 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 44,260-44,540 yuan/tonne on Thursday, down 25 yuan from the previous trading day.
On Thursday, the Shanghai benchmark August aluminum closed down 0.34 percent at 13,175 yuan/tonne, while the SHFE benchmark zinc, lead, nickel and tin ended up 1.39 percent, 0.60 percent, 1.61 percent and 0.08 percent, respectively.
Latest comments