The most-traded September copper contract on the Shanghai Futures Exchange closed up by 0.66 percent at 53,580 yuan ($8,700) a tonne on Wednesday, supported by indications the US Federal Reserve would continue its bond-buying scheme, a key driver of investment in global commodities.
Concerns that the world's No 2 copper mine in Indonesia, Freeport McMoRan Copper & Gold Inc's Grasberg mine, could face a prolonged closure after one of the country's worst-ever mining disasters also supported prices. "Fundamentally, the supply side is strong enough to stabilise copper, but not strong enough to spark a turnaround. For that we need to see a resumption in demand," analyst Dominic Schnider at UBS in Singapore said.
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