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Base metal

prices mostly

higher

SHANGHAI: Shanghai copper futures closed mostly up on Thursday on a sharp rise in prices overnight on the London Metal Exchange, traders said.

They said copper on the LME broke through an important resistance level of $2,570, which encouraged buying in Shanghai.

The key August 1996 contract ended at 25,830 yuan ($3,100), up 10 yuan. It opened at 25,950 yuan and hit an intra-day high of 25,980 and low of 25,800.

May contract shed 50 yuan to 25,650, June added 10 to 25,720, July rose 40 to 25,850, September rose 20 to 25,860 and October plunged 250 to 25,800.

Total volume rose to 8,300 tonnes from Wednesday's 3,600.

"Copper's strong trend on the LME was responsible for today's high opening, but profit-taking emerged a few minutes later," said one trader of Continent Futures Co.

"If LME copper is supported at the $2,570 level, Shanghai copper is likely to go up further," said an analyst.

Aluminium did not trade for the third day this week.-Reuter