The most-traded June copper contract on the Shanghai Futures Exchange climbed 0.4 percent to 43,480 yuan ($7,019) a tonne on Tuesday but buying was capped by persistent concerns over slowing demand growth in China, the world's top metals user. "Copper is performing as we expected, which is a slow steady recovery from the brutal January sell off," said analyst Joel Crane of Morgan Stanley in Melbourne.
"A very strong mine disruptions story so far this year and decent demand outlook for developed markets will help it outperform. But at the end of the day, if Chinese demand continues to disappoint, then nothing will be saved - even copper."
"We believe more economic stimulus will help copper consumption, but is unlikely to alter the fundamental trend of slowing copper consumption and a yearly growth rate of 4 percent," Barclays said in a research note.