Shanghai copper up

The most-active July copper contract on the Shanghai Futures Exchange rose 0.1 percent to 57,750 yuan a tonne on Friday, after falling 0.3 percent in the previous session. It is on track to post a 1.1 percent fall on the week. "Price movements are small, as many Chinese traders have confined themselves to a bit of spread play, buying Shanghai copper and selling London copper, hoping to close the positions for a bit of profit later," said a Shanghai-based trader.
"Traders are mainly waiting on the sidelines to see if Beijing will loosen monetary policy soon. Copper demand has picked up slightly as some consumers, attracted by the fall in prices to around the $8,000 level, did some limited restocking. But overall demand is soft and unable to push prices much higher," said another Shanghai-based trader.