The most-traded June copper contract on the Shanghai Futures Exchange climbed 0.7 percent to 44,670 yuan ($7,300) a tonne on Monday. There were some signs of brighter domestic demand, with local prices for physical metal trading at a premium to front-month ShFE futures prices, from a discount for the past month. But appetite hasn't extended to global copper inventories. Premiums for copper held in Shanghai bonded warehouses slipped by $5 from Friday to $120-$140 a tonne, according to China price provider Shmet.
The Chinese central bank's decision to relax its grip on the yuan has been welcomed as a sign of financial liberalisation, but it is aggravating concerns among foreign executives and investors about their exposure to China in the near term.
Comments
Comments are closed.