The most-active September copper contract on the Shanghai Futures Exchange gained 20 yuan to 54,090 yuan ($8,500) a tonne on Thursday. "I doubt this rise can be sustained for long. There were fresh longs earlier today, but most of them have covered their positions," said a copper buyer in China's Qingdao.
The recent drop in copper prices has attracted some bargain-hunting in China, but merchants are only buying on a hand-to-mouth basis, with spot demand only improving slightly from May.