Shanghai copper rises

The most-traded August copper contract on the Shanghai Futures Exchange closed at 51,770 yuan ($8,400) a tonne, up 1.55 percent on Friday. "The picture for me hasn't changed," said Dominic Schnider, an analyst at UBS Wealth Management in Singapore, adding second-quarter growth could cause concern to the market. "In Europe and the US leading indicators have been disappointing on average," he said.
"Fundamentally I'm thinking that copper should hang around $6,500 a tonne. But with the technical picture indicating a further rebound and the market positioned short, $7,490 is where prices are probably heading in coming weeks," he said.