Shanghai copper rises

The most-traded copper contract on the Shanghai Futures Exchange rose 2 percent to close at 52,770 yuan ($7,917.84) a tonne on Friday, after peaking at 52,840 yuan intraday, its loftiest since March 2013. Shanghai aluminium futures rose 0.4 percent to 16,620 yuan per tonne. The contract hit 16,755 yuan on Thursday, the highest in more than five years.
Investors are focused on fundamentals in commodities markets, pushing industrial commodities, such as copper, higher, according to ANZ bank. The "tom-next" spread for aluminium, which is the cost of borrowing metal for a day and often a flashpoint for positioning tension, has flared to $10 backwardation.