Shanghai Copper Flat

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Jhon Kumar
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Shanghai Copper Flat

Post by Jhon Kumar » Thu Jul 03, 2014 3:17 am

The most-traded September copper contract on the Shanghai Futures Exchange traded flat at 50,170 yuan ($8,100) a ton on Wednesday. Reflecting greater demand for metal, premiums for copper in Shanghai bond climbed $5 on Tuesday to $110-$130 according to China price provider Shmet, suggesting appetite for financing has picked up after a probe into fraud at a Chinese port led banks to review their lending practices.

"Overall demand is doing ok, still better than first quarter," said analyst Chunlan Li at CRU Group in Beijing. "The macro seems very good, liquidity is easing, so that's also helping copper prices. We are expecting a higher average price in the third quarter." China's factory activity hit multi-month highs in June, official and private surveys showed on Tuesday reinforcing signs that the world's second-largest economy is steadying as the government steps up policy support.

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