Shanghai copper rose 1 percent on Tuesday, tracking a rebound in London copper in late-hour trading in the previous session, but gains could be curbed by a gloomy outlook on the economy and demand. A research group said the US job market weakened in June after rebounding in May for the first time in 21 months, reaffirming that employment has yet to reach a bottom, while the US service sector was still shrinking in June, albeit at a lower pace, a separate report said.
Open interest, a measure of market liquidity, in most US-traded commodity futures fell for a third straight week in the week ended June 30. Net long positions in copper fell 5 percent to 20,064 lots from a week earlier. Shanghai's benchmark third-month copper futures contract gained 1.1 percent to 39,270 yuan a tonne by 0209 GMT, after hitting a near two-week low of 38,810 yuan a tonne in the previous session.
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