Shanghai Futures Exchange copper rose 0.8 percent to 42,190 yuan ($6,797) a tonne on Wednesday as the focus shifted from a seasonal decline in demand to optimism over a potential deal on Greek debt and as the dollar weakened. "Clearly, the issues in Greece are impacting sentiment and no one really wants to jump on board here just yet," said analyst Daniel Hynes of ANZ in Sydney.
"If you're willing to take a medium-term view, over the next 6-12 months, these levels do look attractive," he said, adding that problems with mine supply were expected to offer support. Greece's left-wing government expressed confidence on Tuesday that parliament would approve a debt deal with lenders, despite an angry reaction from some of its own lawmakers who accused it of caving in to pressure for more austerity.
China's refined copper imports fell to near 275,000 tonnes in May and were down 12.4 percent so far this year, the latest data showed. "(That was due to) the combined factors of weak demand in May, particularly strong April (imports) resulting from arbitrage opportunities, and the development of China's domestic refined copper capacity," Barclays said in a note. ShFE lead prices rose 1.6 percent as China's crackdown on pollution hits supply, with exchange stocks at the lowest since late 2012.