Shanghai copper unchanged


September 17, 2013

The most-traded December copper contract on the Shanghai Futures Exchange closed unchanged at 51,180 yuan a tonne on Monday after sliding to a 5-week low in the previous session, as a US-Russia deal on Syria boosted risk appetite and the dollar slid after Lawrence Summers withdrew as a candidate to head the US Federal Reserve. “We are seeing bit more stability in Europe, things in the US have continued to generally improve and we have seen true stability emerge in China,” said Andrew Shaw, head of base metals research at Credit Suisse in Singapore.

“But I don’t think aggregate demand is sufficiently strong globally to push the market higher. We have seen supply growth in a number of industrial commodities continue to edge ahead,” Shaw added. Courtesy Reuters

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