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Copper Rises in Shanghai as Declines Lure Buyers; Aluminum Up - UPDATE
Contact nowMarch 21 (Bloomberg) - Copper futures rose in Shanghai as price declines may have increased demand in China, the world's largest user of the metal. Aluminum also gained.
Futures fell to the lowest in more than a month yesterday, following a plunge on the London Metal Exchange after the dollar rallied and concern mounted that a U.S.-led slowdown in the global economy will reduce consumption of raw materials.
"Declines were overdone and physical buying stepped up," said Li Jingyuan, an analyst from Haitong Futures Co., by phone from Shanghai today. Chinese demand usually peaks in the spring production season.
Copper for June delivery rose as much as 1,530 yuan, or 2.4 percent, to 64,260 yuan ($9,106) a ton on Shanghai Futures Exchange and traded at 64,090 yuan at the 11:30 a.m. midday break. Metal for immediate delivery in Changjiang, Shanghai's biggest cash market, rose as much as 1.5 percent to 65,100 yuan.
London Metal Exchange copper for delivery in three months fell 1.7 percent to close at $7,840 a ton yesterday. The metal declined 6 percent this week, the biggest weekly loss since May.
The London exchange is closed for the Easter holiday today and on March 24.
Shanghai June-delivery aluminum rose as much as 215 yuan, or 1.1 percent, to 19,330 yuan and traded at 19,285 yuan at midday. London aluminum fell 2.6 percent yesterday to $2,843.
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