Shanghai copper gains

Shanghai third month copper contract rose 1.3 percent to close at 72,830 yuan per tonne on Tuesday. The spread between front-month Shanghai copper and the third month has switched to a contango of 280 yuan per tonne on Tuesday from a backwardation of as high as 1,110 yuan in late June.
"This means there is no pressing need for China to buy from the international market right now. That gives Chinese buyers a little breathing room and I think they'll try to wait for LME prices to come back down to $9,000-$9,200 (a tonne) where they're more comfortable buying," said a Singapore-based trader.