The most-traded January copper contract on the Shanghai Futures Exchange erased early gains to close at 52,100 yuan ($8,600) a tonne on Wednesday, down 0.21 percent. ShFE zinc earlier hit its highest since August 28, while ShFe lead hit a peak since September 4, both tracking gains in London.
"It wasn't surprising to see a broad-based rally across most asset classes overnight stemming from the jobs report that suggests tapering is off the table for a little while longer," said analyst Tim Radford of Sydney-based advisor Rivkin. "The USD index was down quite sharply also, which is helping to support a lot of the commodities out there. But copper continues to be stuck within the range and it's hard to see any upside for the time being," he added.
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