Shanghai Futures Exchange copper climbed 0.8 percent to 45,330 yuan ($6,523) a tonne on Wednesday with investors betting that stronger US and China economies next year would bolster demand for industrial metals. Chinese metal exports fell in November, with its copper shipments at the lowest since January and its aluminium exports declining by 15 percent from a year ago, customs data showed on Wednesday.
"Looking ahead, weak seasonality towards year-end (eg market quietness and wait and see attitude by European consumers) and price consolidation will lend less support to the short-term demand picture," Argonaut Securities said in a note. The global world refined copper market showed a 15,000-tonne deficit in September, compared with a 156,000-tonne surplus in August, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
Comments
Comments are closed for this article.