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Copper futures

close surge

SHANGHAI: Shanghai copper futures closed up across the board in listless trading as most investors were sidelined on a lack of market-moving news, traders said.

"Most investors were waiting for news," said one trader. "Present market sentiment was steady."

September 1995 contract opened unexpectedly higher at 30,710 yuan ($3,695) per tonne because one trader happened to press the wrong buttons, floor sources said.

The contract then dropped to an intra-day low of 29,900 yuan before closing at 30,100 yuan per tonne, up 190 yuan from Tuesday's close, the sources said.

Other contracts traded in very narrow ranges. October rose 190 to 30,320, November 170 to 30,550, December 190 to 30,670, January 1996 was up 150 to 30,700 and February 150 to 30,550. Combined volume dropped to 12,275 tonnes from 36,125 tonnes.

Traders said they believed copper was likely to move between 30,000 and 31,000 if no fresh news came up.

Aluminium ended mostly down. September slid 90 yuan to 18,460, October was unchanged at 18,500, November lost 50 to 18,400, December shed 30 to 18,420, and Janaury 1996 was unchanged at 18,400. Volume eased to 1,850 tonnes from 4,625.-Reuter