SHANGHAI, Nov 6 (Reuters) - Shanghai copper rose on Thursday after it touched a more than one-week in the previous session, although weak Chinese market demand limited gains.
The most-active copper contract on the Shanghai Futures Exchange was up 0.97% to trade at 86,260 yuan ($12,110.07) per metric ton, as of 0802 GMT.
The benchmark three-month copper future on the London Metal Exchange was also up by 0.57% to $10,758.50 a ton.
Copper’s consolidation suggested an “unwinding of overextended positions rather than a shift in the fundamental narrative”, analysts at Sucden Financial said in a note.
The red metal's price was still underpinned by mine supply concerns in the coming year of 2026, in which analysts see a potential deficit.
Selling pressure on the Shanghai contract eased after a four-day decline since the metal touched a historic high at 89,270 yuan a ton.
The day's gain was in line with the benchmark, which also rose after a four-day loss after it touched a record high of $11,200 last week on tight global supply.
Traders now await further economic data from China where the October manufacturing PMI disappointed. Trade readings are expected on Friday and lending data is scheduled for next week.
Elsewhere among SHFE base metals, aluminium rose 0.73%, tin gained 0.57%, lead lost 0.57%, nickel shed 0.34%, and zinc was little changed.
Among other LME metals, aluminium gained 0.28%, zinc ticked up 0.25%, nickel nudged 0.17% higher, tin rose 0.56%, while lead dipped 0.10%.
Thursday, November 6
DATA/EVENTS (GMT)
0700 Germany Industrial Output MM Sep
0700 Germany Industrial Production YY SA Sep
0930 UK S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT Oct
1200 UK BOE Bank Rate Nov
($1 = 7.1230 Chinese yuan renminbi)
(Reporting by Dylan Duan and Lewis Jackson; Editing by Harikrishnan Nair)
((Dylan.Duan@thomsonreuters.com [Dylan.Duan@thomsonreuters.com];))
