Shanghai copper futures climbed nearly 2 percent on Thursday, recovering some of the previous session's steep losses, as a rally in oil prices filtered through to other commodities. Opec agreed on Wednesday to its first oil output cuts since 2008, driving up crude prices by around 10 percent. "Industrial metals were stronger, spurred on the by the gains in the energy sector," ANZ bank said in a note, although it cautioned the oil-inspired rally could soon top out.
The most-traded copper contract on the Shanghai Futures Exchange had risen 1.8 percent to 47,060 yuan ($6,827.12) a tonne by 0700 GMT, after falling 3.6 percent on Wednesday. Shanghai zinc and lead slipped 0.52 and 0.61 percent, respectively. ShFE nickel saw a gain of 0.3 percent. Shanghai Futures Exchange said on Wednesday it will limit intraday position sizes in January and February zinc and lead futures for non-members, again moving to curb speculators that have piled into metals.
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