Shanghai copper futures ended up on Wednesday as a weaker US dollar boosted metals prices domestically as well as on the London Metal Exchange. Most-active March copper closed at 28,900 yuan on Wednesday, up 390 yuan from Tuesday's close, after trading in a 28,730-28,920 yuan range. A stronger yen helped lifted the most active LME copper contract to $3,030 a tonne though that contract gave up some gains after the Shanghai market closed.
At the same time on Tuesday, the LME three-month had traded at $2967.50 a tonne. Local buyers are also replenishing stocks, run down toward the end of 2004, traders said.
Spot copper prices in Shanghai rose to 30,660 to 30,880 yuan on Wednesday, up from 30,540-30,750 yuan on Tuesday.
A combined 124,084 copper lots traded in Shanghai on Wednesday, down from 143,274 lots on Tuesday. Aluminium futures ended flat to marginally higher on Wednesday, as an excess of domestic prompt supply offset higher international prices.
Chinese imports have slowed as buyers turned to cheaper domestic supply, kept within the country by a change in export taxes, traders said. A total 23,488 lots changed hands, down from a volume of 34,782 lots on Tuesday.
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