The most-active August copper contract on the Shanghai Futures Exchange closed 0.6 percent higher at 68,570 yuan per tonne on Tuesday. "ShFE base metals haven't moved much today, but I feel that they are pausing for breath before heading into lower range as they end the technical rebound they were in for the past two weeks," Shanghai Dongzheng Futures trader Du Xiao Hua said.
Technically, the bearish target of 67,000 yuan per tonne for Shanghai copper remained unchanged, although it may hit an upside cap of 69,280 yuan before declining, said Reuters technical analyst Wang Tao. Zinc rose 0.4 percent to 17,340 yuan in Shanghai. The Shanghai-based trader said LME zinc's weakness was due to the unwinding of arbitrage trades made before.
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