Shanghai copper up

The most-traded May copper contract on the Shanghai Futures Exchange closed up 0.9 percent at 59,750 yuan a tonne on Friday. But industrial metals may not sustain the upward momentum, given the uncertainties surrounding China's economic growth and commodity demand this year, said Vishnu Varathan, market economist at Mizuho Corporate Bank.
"The case for a soft landing for China has already been priced in, so incremental optimism seems to be stretched," he said. China's Minmetals Resources sealed a C$1.3 billion ($1.3 billion) bid for Africa-focused copper miner Anvil Mining , and said it was on the lookout for copper, zinc and nickel acquisitions for up to $7 billion.