Shanghai copper up

The most-traded March copper contract on the Shanghai Futures Exchange was at 54,870 yuan ($8,600) a tonne, up 0.46 percent on Thursday. Shanghai copper has lost almost a quarter of its value in 2011. Demand for copper for nearer delivery pushed the January contract in Shanghai to a premium versus the March contract, putting prices in backwardation.
The January contract was at 55,300 yuan a tonne. Shanghai copper is expected to edge up to 55,610 yuan per tonne as indicated by a triangle pattern and a Fibonacci retracement analysis, according to Reuters technical analyst Wang Tao.