The most-traded May copper contract on the Shanghai Futures Exchange slipped 0.1 percent to 60,420 yuan ($9,600) a tonne at the close on Thursday. Countering poor data in Europe and China, US home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.
Expectations of a global copper production deficit are supporting prices but it is unclear when demand will rise, said Germany's Aurubis, Europe's biggest copper producer. Compared to copper, there may be more upside potential for aluminium which has gained more than $100 in less than a week, and at $2,280 on Thursday is not too far off its 200-moving day average of $2,311.72.
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