Chinese copper futures led a near across-the-board gain in base metals on the Shanghai Futures Exchange, also sweeping LME copper higher in the post-holiday resumption of trade. Copper, widely used in power and construction, is up around 20 percent this year on the Shanghai exchange and on track for its largest annual rise since 2010. The most-traded copper contract on the Shanghai Futures Exchange was 2.7 percent higher at 45,540 yuan ($6,548) a tonne.
Shanghai zinc and nickel prices were also pulled higher, reversing the previous day's losses after speculators signalled an end to widespread profit taking spurred by recent meteoric run-ups in both contracts. Only aluminium saw a decline. ShFE zinc was 3 percent higher. Nickel was up 1.25 percent and tin traded 3.3 percent higher. "There is strong positive sentiment on the outlook for these industrial metals going into 2017, and that's what we're seeing today," said a Perth-based commodities trader. "Let's see if this carries in to the main LME session later on."
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