Shanghai copper up

Shanghai copper hit its daily upper trade limit of 58,780 yuan ($9,267.79) on Monday after Greece and Italy appointed new leaders and seem on track to roll out austerity measures to avert a eurozone and global financial meltdown. Japan's rebound from its earthquake-triggered recession in the third quarter, and China's selective policy easing in October, also boosted investor confidence.
The most-active January copper contract on the Shanghai Futures Exchange resumed trading shortly after hitting its limit up, paring 350 yuan to close the session at 58,430 yuan. "Copper's performance today is mostly due to the shot of confidence from the euro zone over the weekend. The region seems to be tackling the debt crisis with more eagerness as Italy and Greece appointed new leaders to push through austerity measures," said CRU analyst Qu Yi. The most active Shanghai February zinc contract soared above 5 percent.