Copper in Shanghai Advances to One-Week High as Imports Climb

Apr 21, 2014 4:34 am ET

April 21 (Bloomberg) -- Copper futures in Shanghai rose to the highest price in a week after the top buyer China boosted imports last month.

The contract for July delivery on the Shanghai Futures Exchange ended 0.6 percent higher at 46,620 yuan ($7,481) a metric ton, the highest close for a most-active contract since April 14. The London Metal Exchange is closed for a holiday.

Refined copper imports increased 16 percent to 324,383 tons in March from 279,293 tons in February, Chinese customs data showed today. Copper users in China are paying the highest premium in 29 months as a result of reduced local supplies.

“High spot premiums pushed up Shanghai futures prices, while expectations on high imports last month also helped,” said Fang Junfeng, an analyst at Shanghai CIFCO Futures Co.

The metal for delivery in July was little changed at $3.031 a pound on the Comex in New York.