Copper futures on the Shanghai Futures Exchange settled higher Wednesday in a volatile session as investors considered current price levels a buying opportunity but concerns over global economic growth capped gains.
The benchmark May copper contract settled 0.3% higher at CNY71,600 a metric ton.
Analysts said copper may see downward pressure over the next few sessions as a risk-averse attitude still prevails due to political unrest in the Middle East.
"Metals may continue to react to macro events in the near term; market participants are still waiting to see some revival in the physical market," said Ying Haoliang, an analyst with Orient Securities Futures.
Copper prices have been plagued by geopolitical instabilities since violence broke out in Libya, as investors believed firming crude oil prices, which recently hit a two-and-a-half-year high, would eventually hurt demand for metals and other commodities.
A dip in prices triggered a bout of dip-buying on the futures bourse, while the spot copper market also saw increasing buying activity, traders said.
豫公网安备41010502003434号