Shanghai copper gains
September 27, 2013
The most-traded December copper contract on the Shanghai Futures Exchange closed 1.1 percent higher at 52,280 yuan ($8,500) a tonne on Thursday, supported by firm demand in top consumer China, although renewed worries over a US federal debt default kept gains in check. “For some end uses, like electrical wire and consumer goods, demand is picking up seasonally because factories have started producing for Christmas holidays,” said analyst Chunlan Li at consultancy CRU in Beijing.
“But overall demand is stable … and supply is increasing at a steady pace. I expect prices to stay stable ahead of LME week as people wait to see what happens there,” she added, referring to a key industry gathering in October. Courtesy Reuters
Published in ZaraiMedia.com