China's copper futures closed higher on Thursday as bargain hunting emerged after recent slumps, but trade was cautious in the absence of clearer leads from the LME, traders said.
The most active contract, January, rose 410 yuan to 26,790 yuan ($3,237) a tonne, while other copper contracts on the Shanghai futures exchange ended up between 50 yuan and 400 yuan per tonne, according to the exchange Web site (www.shfe.com.cn).
Combined volume fell to a moderate 117,952 lot from 149,510 lots on Wednesday. "Despite today's rally, Shanghai copper is still caught in a consolidation in the near term.
Investors remain cautious as the recent movements of LME has offered little direction," said a trader in Shanghai. LME three-month copper ended on Wednesday's kerb close at $2,800, down $17 from the previous session, hit by fund selling.
But it inched up to $2,802/$2,812 a tonne as miners' strikes in Latin America offered support, traders said. On Thursday, Shanghai aluminium contracts ended mixed, from 40 yuan higher to 190 yuan lower.
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