Shanghai copper price ends week higher even as supply outlook tames gains

Shanghai Futures Exchange copper price ended the week higher on Friday May 31, though market participants raised concerns over possible rise in supply in the coming months.

SHFE September copper settled at 52,760 yuan ($8,528) per tonne, up 10 yuan for the week. The contract was up 540 yuan for the session. SHFE physical copper inventory rose by 2,693 tonnes to 179,317 tonnes this week. “Looking at macro factors, data from USA overnight was not good. It doused concerns of earlier end to [Federal Reserve’s] easing policy and supported copper prices,” Che Hongyun, chief metal analyst at Galaxy Futures in Beijing, said. USA posted a gross domestic product growth of 2.4% in...

Published

Linda Lin

May 31, 2013

09:19 GMT

Shanghai

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