Copper futures climb on rally, speculation
By Zheng Lifei (China Daily)Updated: 2007-02-27 10:00
At the same time, Chinese imports of refined copper products last month are estimated at 132,000 tons and may hit 150,000 tons this month, double the average monthly imports of 69,000 tons in 2006, Australia's Macquarie Bank Ltd said in an earlier report.
The copper price surges in Shanghai, analysts said, were also pushed up by the recent price rally on the London Metal Exchange (LME).
"The strong price upswing in London is a major factor behind the price surges in Shanghai," said Ma Xi, an analyst at Shanghai Jinyuan Futures Co.
Copper prices, which have slumped about 28 percent from last year's record highs, rose 8.5 percent to $6,306 a ton on the LME last week, the biggest weekly gain since July.
Copper for delivery in May on the LME rose 0.9 percent to $6,365 a ton yesterday afternoon in Shanghai local time.
The copper spot price also rose yesterday in Shanghai.
Copper for immediate delivery in the Changjiang market, Shanghai's biggest spot market, surged as much as 5.5 percent to 59,300 yuan a ton yesterday.
The copper spot price, analysts said, may rise even further.
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