Copper reversed early losses in Asia on Tuesday to trade higher on the back of strong regional equities markets that broadened investor appeal for cyclical assets such as industrial commodities. The most-traded copper contract on the Shanghai Futures Exchange settled 0.04 percent higher at 46,030 yuan ($6,687) a tonne on Tuesday. Tin ended 0.14 percent lower at 137,610 yuan, while lead finished 0.22 percent higher at 15,945 yuan. ShFE zinc gained 0.19 percent to 21,55 yuan. ShFE aluminium ended 0.77 percent up at 14,375 yuan a tonne.
"All regional equity markets are higher as is oil and the base metals complex as yesterday's broader 'risk on' theme is maintained," commodities broker Marex Spectron said in a note. Asian equities coasted to a near two-year high, buoyed by a jump in risk appetite following the centrist victory in the first round of the French presidential election. "Asian markets appear to be still lingering in the glow of relief after the French election," said Jingyi Pan, market strategist at IG in Singapore. "The jubilance in markets overnight has also added to the optimism."
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