Shanghai copper edges up

The most active November copper contract on the Shanghai Futures Exchange edged up 0.3 percent to 54,620 yuan ($8,600) per tonne on Tuesday, with gains limited by investors rolling their November contracts to December. But gains are likely to be checked by poor physical demand for base metals and investor caution until more economic data on Europe and the US is released later in the day.
"Base metals consumers are just not in a hurry to restock beyond a hand-to-mouth basis since inventories are high while the Chinese government spending initiatives have not been reflected on order books yet," said Henry Liu, head of commodity research at Mirae Asset Securities in Hong Kong.