The most-traded July copper contract on the Shanghai Futures Exchange rose 1.04 percent to close at 57,130 yuan ($9,200) a tonne on Friday, having hit 57,320 earlier in the session, the highest since February 28. "We see copper fully priced where it is at the moment," said analyst Matt Fusarelli at consultancy AME Group in Sydney.
"We are expecting a surplus this year of copper and we are now up several hundred thousand tonnes since the start of the year, indicative of where the market is moving," he added.