Shanghai copper up

The most-traded August copper contract on the Shanghai Futures Exchange was last up 0.2 percent at 49,400 yuan ($8,000) a tonne on Tuesday, having hit a fresh four-month peak of 49,690 in overnight trade. Still, tight supply and decent consumption from top user China were helping to shore up copper prices, even in the wake of a metals financing scandal at a Chinese port that has curbed financing deals and is expected to erode imports, analysts said.
"We would have expected prices to come off more substantially as these financing deals unravel," analyst Matt Fusarelli of AME Group in Sydney said. "It's showing that demand is not that bad."