Shanghai copper extends gains from Fed boost, property hopes in China

Copper prices on the Shanghai Futures Exchange (SHFE) rose on Friday March 20, as the red metal made gains on hopes that China will act to support its property sector and continuing short covering sparked by the US Federal Reserve statement earlier this week.

The most-traded SHFE May copper contract closed at 42,040 ($6,849) yuan per tonne, up 320 yuan from Thursday’s close. "Copper is still in an upside trend thanks to the Federal Reserve comment, and some speculators are still buying into the metal," Xu Maili, chief metal analyst at Everbright Futures in Shanghai, said. Stronger spot buying has also supported futures prices, with market sources pointing to a report in...

Published

Linda Lin

March 20, 2015

07:45 GMT

Shanghai