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Shanghai copper prices rise before Bernanke speech

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Shanghai Futures Exchange copper prices rose on Thursday June 7, on increased speculation that the US may relax its monetary policy.

SHFE September copper settled at 53,970 yuan ($8,515) per tonne, up 290 yuan from Wednesday, while its trading volume dropped to 412,228 lots on the day.

Today's copper gains have been helped by the weak dollar, a Shanghai analyst said. The dollar index was low on bets Federal Reserve Chairman Ben Bernanke may push for fiscal stimulus to spur a recovery in his speech later today, the analyst added.

Sentiment also improved on speculation that European policy makers would take more steps to resolve the debt problem, the analyst said.

"There are a lot of meetings this month, like the Greece election, G20 meeting, US Federal reserve meeting, and EU summit, so the market will be complex," a second Shanghai analyst said.

Trading volume for all SHFE copper contracts also decreased by 18% from Wednesday to 667,938 lots.

Chinese spot copper prices on the Changjiang Nonferrous market increased 305 yuan to 55,120-55,170 yuan per tonne.

Other metals moved up in the session.

September zinc settled 20 yuan higher at 14,795 yuan, while zinc spot prices on the Changjiang Nonferrous Metals Market rose 50 yuan to 14,750-14,850 yuan per tonne.

August lead gained 5 yuan to 15,070 yuan per tonne, while spot lead prices rose 50 yuan to 15,150-15,250 yuan per tonne.



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