London copper futures rose more than half a percent on Wednesday after a steady performance in the previous session, but markets are likely to hold to a narrow trading band until a slew of Chinese macro economic data including GDP is released on Thursday.
"The market had some support after the Chinese imports early this week. Most of the rally from that has been exercised and we are looking forward to the next round of numbers," said Ben Westmore, commodities economist at National Australia Bank.
"For the quarter ending June, I see prices moderating a little before pushing higher again for the end of the year. Copper will be well-supported but it won't mimic the gains seen in nickel so far this year." Three-month copper on the London Metal Exchange rose $45 by 0231 GMT to $7,945, after a $5 loss in the previous session.
Benchmark third-month Shanghai copper rose 350 yuan to 62,480 yuan, while the discount foe LME copper to Shanghai prices remained around a four-month high at 967 yuan. US copper futures traded at 359.55 cents per pound ($7,927 a tonnes) after strong gains on Tuesday as investors' risk tolerance went up following a successful Greek debt auction and higher US share prices, but traders said copper was probably near the top of its short-term range.
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