Shanghai copper tiptoes higher in hefty volumes

15 Feb, 2004

Shanghai copper futures inched up on Friday with sentiment upbeat on long-term global demand, though some profit-taking set in due to stellar rises, traders said.
September futures, which replaced August as the most active contract, rose 90 yuan to 26,580 yuan ($3,211) per tonne.
Most other contracts saw small gains of between 10 and 100 yuan. Volume increased to massive 274,642 lots from Thursday's 63,340 lots.
"Chinese copper buying is fervent and the long-term indicators are really looking good," said one Shanghai trader. "But what we also saw today was some inevitable profit-taking after such strong gains the previous day," he added.
LME three-month copper eased to $2,680/$2,685 per tonne on Friday's Asian trade, after gaining $88 or 3.4 percent on Thursday's trade in London, closing at $2,702/$2,703.
Spot copper in Shanghai fell 130-180 yuan to move in a range of between 26,490 yuan and 26,630 yuan a tonne on Friday.
Shanghai aluminium futures lost between 180 and 320 yuan a tonne, as volume fell to 75,754 lots from Thursday's active 99,628 lots.
LME three-month aluminium was quoted at $1,711/$1,715 a tonne on Friday's Asian trade, having slipped from Thursday's kerb close of $1,719/$1,720.

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