Shanghai copper up

Shanghai Futures Exchange copper pared early gains of 1 percent to end at 52,750 yuan ($8,300) a tonne on Thursday, still up 0.4 percent after trading in Shanghai resumed after a week-long break. ShFE nickel and lead held small gains while other metals were flat or lower. ShFE aluminium extended its pre-holiday decline to its weakest in more than a year as traders priced in easing raw materials costs and increasing production after China's winter pollution controls expire next month.
"I think this sort of consolidation (in metals) on dollar strength is just short term," said analyst Helen Lau of brokerage Argonaut Securities in Hong Kong. "The most important thing is overall the fundamentals in both China and overseas markets are on a stronger footing than last year ... people will eventually come back to look at the fundamentals."