The most-traded August copper contract on the Shanghai Futures Exchange rose 1.42 percent to 55,090 yuan ($8,900) a tonne on Tuesday. “We expect copper prices to average $7,500 for the second quarter,” said analyst Matthew Fusarelli at Sydney-based consultancy AME.
“The market is changing structurally. We expect a surplus of 300,000 tonnes this year. We don’t expect prices to return to where they were at the start of the year,” he added.