LME ASIAN WRAP: Copper rises as shorts clear positions

Copper prices rose quickly in Asian trading hours on Monday March 23, as some shorts quit their positions after a weakening dollar boosted the red metal.

On the Shanghai Futures Exchange, the most-traded May copper contract gained 1,650 yuan ($213), or 3.9%, to end the session at 43,690 yuan per tonne. It went as high as 44,050 yuan in the session, the highest since January 9. LME three-month copper gained $30.5 from its opening price to reach $6,071 at 7:36 UK time. It extended solid gains recorded on Friday amid a softening dollar. “Some shorts are buying back the metal on the SHFE to square their positions, which boosted LME copper prices in turn – nowadays, very often the two markets move in...

Published

Linda Lin

March 23, 2015

08:14 GMT

Shanghai

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