Nearby Chinese copper futures closed near their daily trading limits on Wednesday, reflecting gains on the London Metal Exchange during China's week-long Lunar New Year market hiatus. But traders said physical demand for copper remained weak, as high prices and expectations of new supplies kept buyers to the sidelines. The most active April contract jumped to 29,990 yuan ($3,624) at the outset and stayed there most of Wednesday.
Gains were capped at 3 percent, or 870 yuan, over the settlement price on February 4, the last session before the break. "It's the first day back so the market's catching up with London.
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