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