Shanghai copper ended a five-day losing streak to rebound on Tuesday, supported by bargain-hunting and a rise on the LME, but the upturn is not significant and further falls are expected, traders said.
The most active October contract ended 30 yuan higher at 24,880 yuan ($3,006) a tonne, while most other contracts gained between 20 yuan and 320 yuan a tonne. Combined volume decreased to 119,834 lots from 172,818 lots on Monday. "The market still feels hollow and investors are nervous. We need to see further consolidation before prices even out and begin to rise again," said a Shanghai trader.
LME copper lifted to $2,718/$2,726 a tonne on Tuesday's Asian trade after rising $5 to close London's kerb at $2,717 on Monday.
Spot copper in Shanghai rose by 350 yuan and 400 yuan to move in a range between 25,150 yuan and 25,250 yuan per tonne, in line with the day's gains.
Shanghai aluminium closed down on the day, with most contracts gaining between 30 and 110 yuan. Volume shrank to 86,378 lots from Monday's 157,882 lots.
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