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Wednesday, August 17, 2011

Copper Rose on LME

Three-month copper on the LME rose as much as 1 percent to $8,920 per metric ton, and was at $8,875 by 3:01 p.m. Shanghai time. Copper for November delivery on the Shanghai Futures Exchange closed 0.5 percent higher at 66,800 yuan ($10,455) per ton.

"The reason why copper was able to find support at the current level during the market turmoil in the last two weeks is because of Chinese buying," said Pang Ying, an analyst at Shenzhen Rongtuo Trading Co. Purchasing was spurred after prices dipped below $9,000 a ton, Pang said.

Arbitrage trading by buying the metal in London and selling it in Shanghai has become profitable since the beginning of this month, prompting expectation that arrivals will rise in the next couple of months, Pang said.

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