zinc price, page-5

Double the good news, don't forget Copper........

SYDNEY, July 31 (Reuters) - China copper futures firmed on Thursday as signs of supply tightness replaced worries that industrial demand was waning, while zinc prices surged more than 5 percent after the country canceled export rebates for the metal.

"There's a lot of volatility in this market and that's turning copper up today," a Melbourne-based trader said.

Shanghai October copper the most-traded contract on the Shanghai Futures Exchange, ended up 1.6 percent or 970 yuan at 61,770 yuan ($9,042).

Zinc posted some late gains after China said it would scrap 5 percent tax rebate on zinc exports, with investors betting the move will curb the flow of Chinese zinc into world market.

Zinc rose 5.6 percent to $1,975 a tonne by 0725 GMT. Shanghai's most-traded zinc contract, October 2008 rose 1.5 percent to 15,580 yuan.