Shanghai copper edges up on strong spot prices

Shanghai copper crept up on Wednesday, after touching a four-month high, buoyed by strong spot prices, although analysts said the market was losing momentum due to slowing drawdowns in LME stockpiles.

The most-active Shanghai June copper contract closed up 0.5 percent at 30,580 yuan a tonne after hitting an intraday peak of 30,880 yuan, its highest since November 11, during the morning session.

Three-month London Metal Exchange copper rose $10 to $3,810 a tonne as of 0700 GMT, having reached a more than four-month high of $3,862 the previous day.

"Shanghai copper futures prices were supported by strong physical prices," said Jane Jiang, an analyst at Shanghai Nonferrous Metals Industry Association, adding that spot copper prices rose 1 percent to an average of 31,525 yuan a tonne on Wednesday.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.