Shanghai copper up

Shanghai copper jumped almost 3 percent on Friday, buoyed by speculative buying on growing physical demand in the domestic Chinese market and strong economic growth data announced the previous day. On the Shanghai Futures Exchange, the most active September copper futures contract rose 1,870 yuan or 2.8 percent to 67,810 yuan ($8,970) a tonne.
"London prices rose, which also lifted domestic prices," said Li Rong, an analyst at Great Wall Futures in Shanghai. "Also over the last few days we have seen the pressure of a weak spot market ease, which has brought out speculative buying yesterday and that has continued today."
Li said strong economic growth in China was also lifting sentiment in China, the world's largest copper consumer. Annual economic growth in China surged to an 11-« year high of 11.9 percent in the second quarter, cementing expectations for tighter policy to keep the world's fastest-growing major economy from overheating.
Copper for delivery in three months on the London Metal Exchange rose 0.75 percent to $8,030 by 0138 GMT. Copper prices have been underpinned by industrial action at key suppliers in Latin America, and resumed talks to end a strike that has hampered Chilean copper giant Codelco's operations had little impact on prices in early trade.
An announcement by China's Finance Ministry on Thursday of two aluminium tariff measures that may reduce the country's huge trade surplus had little impact on prices. China will suspend a 5 percent tariff on imports of primary aluminium from August 1 and impose a 15 percent tariff on exports of rods and bars made of primary aluminium on August 1.
LME three-months aluminium was steady at $2,828 per tonne, while the most active October Shanghai aluminium contract was up a touch at 19,530 yuan per tonne from 19,450 yuan the previous day.
In other metals, Tin was untraded at $15,200 after it surged more than 5 percent to a record high of $15,700 on Thursday on concerns about supply. Nickel was also unmoved at $33,950 after posting gains of nearly 5 percent on Thursday to a two-week high of $34,375 a tonne.