The most-traded April copper contract on the ShFE rose for the first time in three days, closing up 1.5 percent at 52,140 yuan ($8,230.47) a tonne on Tuesday, helped by a weaker dollar tracking a broad recovery in global equities. Traders were looking to cover their positions before the Lunar New Year holiday, wrote Matt France, head of institutional metal sales, Asia, at brokerage Marex Spectron.
The holiday will see China, the world's top copper consumer, and the Shanghai Futures Exchange (ShFE) shut down for a week. "The (base metals) complex feels constructive here, having weathered some meaningful long liquidation and indeed started to see some shorts build on the back of last week's macro sell-off," France said. Aurubis AG, Europe's biggest copper smelter, is in advanced negotiations to sell its flat rolled products unit to German cooper products company Wieland-Werke AG as Aurubis looks to expand into other metals besides copper.
US President Donald Trump will meet with a bipartisan group of lawmakers on Tuesday to discuss trade matters, as he ponders whether to takes steps to limit steel and aluminium imports seen as damaging to US businesses.
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