Shanghai copper futures inched higher on Thursday on supply worries stemming from declining stocks, with the market expected to rise further in the near term, traders said.
Shanghai's December futures, which replaced November to become most active contract, was up 70 yuan at 25,470 yuan ($3,076) a tonne, while most other contracts ended from unchanged to 120 yuan higher.
Combined volume grew to 212,686 lots from Wednesday's active 208,346 lots. "The fundamentals haven't changed much. Copper stocks are still low and that's giving futures some support," said a trader in Shanghai.
Spot copper in Shanghai moved in a range of 28,890-29,050 yuan a tonne on Thursday.
Shanghai aluminium contracts closed largely flat, in line with LME aluminium, which edged down $1 to end on Wednesday's kerb at $1,685. Combined volume of Shanghai aluminium fell to 15,720 lots from Wednesday's 18,974 lots.
Comments
Comments are closed.