Shanghai copper climbs October 16, 2013

Shanghai copper gains
Shanghai copper gains

October 16, 2013

The most traded January copper contract on the Shanghai Futures Exchange climbed 0.5 percent to close at 52,150 yuan ($8,500) a tonne on Tuesday. Earlier it reached its highest in a week at 52,390 yuan. Markets waited for news about a possible end to the US fiscal deadlock, while Shanghai copper eased back from one-week highs after chasing overnight gains in London.

“What is happening in the US is probably keeping market participants on the sidelines for now,” said Alexandra Knight of National Australia Bank in Melbourne. “But we’re thinking in the near term there could be a little upside in copper… based on the possibility of some mini-stumulus by China’s government and seasonal demand in the lead-up to Christmas,” she added. Courtesy: Reuters

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