Copper in Shanghai Climbs to 11-Week High While LME Closed

Dec 25, 2013 2:59 am ET

Dec. 25 (Bloomberg) -- Copper traded in Shanghai rose to the highest level in 11 weeks while the London market was closed for the Christmas holiday.

Copper for delivery in March on the Shanghai Futures Exchange advanced 1.8 percent to 52,360 yuan ($8,624), the highest close for a most-active contract since Oct. 8.

“There’s been some speculative trading and some traders built long positions in Shanghai to take the advantage of the London holiday,” said Xiong Dabiao, an analyst at Minmetals Futures Co. in Shanghai.

The Shanghai bourse extended trading hours for copper, aluminum, zinc and lead by adding a night session from Dec. 20. The trading is held from 9 p.m. to 1 a.m. local time and treated as the first session of the following trading day.

Trading on the London Metal Exchange and the Comex is closed today for Christmas. The London market also will be shut tomorrow.

--Alfred Cang. Editors: Brett Miller, Ovais Subhani