Major futures prices for key non-ferrous metals – copper, aluminium, and nickel – on the Shanghai Futures Exchange (SHFE) all rose during the week of October 17-24, supported by improving macroeconomic sentiment both at home and abroad.
By the close of the daytime trading session on Friday, the SHFE's most-traded December copper contract had recorded a 3.9 per cent on-week jump to close at RMB 87,720 per tonne (USD 12,316 per tonne). Similarly, the most-traded December aluminium and nickel contracts also climbed, rising by 1.5 per cent and 0.7 per cent from a week earlier to RMB 21,225 per tonne and RMB 122,150 per tonne, respectively.
The on-week gains were largely the result of stronger investor confidence fuelled by expectations of continued economic improvement in China and signs of easing China-US trade tensions, according to market analysts.
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