Rising stocks slow copper futures surge

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Copper futures rebound after slump
Copper futures shed 2.3 percent
Copper futures shed 2.3%
Copper futures climb on rally, speculation
Copper futures surge to daily limit

(China Daily)
Updated: 2008-04-04 09:36

Shanghai copper futures rose for the second consecutive day yesterday, but lagged Wednesday's London Metal Exchange gains because of rising stocks in China.

The most actively traded Shanghai June copper contract rose 1.2 percent, or 770 yuan, to 66,140 yuan a ton.

"The LME rise was driven by fund investment and that pushed up prices in Shanghai," Wang Xiaodan, analyst at StarFutures Securities in Shenzhen, said.

She said falling stocks had supported LME prices and the upward trend was unlikely to turn around in the near term.

But a manager at a metal investment fund in China said he expected China's refined copper production to rise by 40,00-50,000 tons in March after snowstorms reduced output in February, and this would hold back Shanghai prices.

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