Source: www.bloomberg.com
Copper Prices Rise in Shanghai on Buying From Cable Users - By Helen Yuan
Sept. 26 (Bloomberg) -- Copper futures in Shanghai rose as makers of cables and wire bought to replenish stockpiles before the weeklong National Day holiday.
The Shanghai Futures Exchange will be closed from Oct. 2 to Oct. 6 for the annual National Holiday. The widening premium of cash prices over the nearest futures contract indicates demand from users is strong, said Li Ling, a Shanghai-based trader with Star Futures Co.
``Users are continuing to buy in preparation for the holiday,'' said Li.
Copper for delivery in November, the most actively traded contract, rose as much as 730 yuan, or 1 percent, to 71,050 yuan ($8,974) a metric ton on the Shanghai Futures Exchange. It traded at 70,450 yuan at 11:19 a.m. local time.
Copper for immediately delivery in Changjiang, Shanghai's biggest copper market, rose as much as 0.5 percent to 71,970 yuan a ton yesterday. Copper imports from Chile, commanded a premium of 600 yuan a metric ton over the so-called front-month futures contract, for October delivery.
Copper for three-month delivery on the London Metal Exchange rose $40, or 0.5 percent, to $7,550 a ton at 11:11 a.m. Shanghai time.
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