Mkt Talk: Shanghai copper futures end higher Tue, tracking local equities
BEIJING, July 22 (Xinhua) – Copper futures traded on the Shanghai Futures Exchange (SHFE) settled higher on Tuesday, tracking the rise of local equity markets.
TheShanghaibenchmark copper contract for September delivery closed 0.95 percent higher at 49,890 yuan/metric ton (tonne) on Tuesday, ending the decline for the sixth consecutive trading day.
TheShanghaicomposite index closed up 1.02 percent at 2,075.48 on Tuesday. The upbeat sentiment in the equity markets boosted investors' risk appetite, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market inShanghai, was quoted at 50,080-50,240 yuan/tonne on Tuesday, up 260 yuan from the previous trading day.
Other Shanghai base metals also closed higher on Tuesday with the benchmark aluminum, zinc and lead up 1.22 percent, 1.89 percent and 0.39 percent, respectively.(Contributed by Hu Pingchao, firstname.lastname@example.org)