Shanghai Futures Exchange (SHFE) copper prices climbed on Wednesday, the last trading day of 2014. The market closed on January 1 and 2 due to the New Year holidays. The most-traded copper contract for March delivery on the SHFE ended at 45,800 yuan ($7,373.80) per ton Wednesday, up 510 yuan or 1.13 percent from the previous trading session. The price was up 170 yuan, or 0.37 percent, on a weekly basis.
The U.S. dollar slipped late on Monday after data revealed the U.S. services sector in October grew at its slowest rate since April. U.S. services sector activity dipped to a six-month low in October, while manufacturing output in Texas dipped, pointing to some moderation in economic growth early in the fourth quarter.
The total trading volume for the SHFE January copper contract amounted to 1.09 million lots last week, down 6.84 percent compared with the 1.17 million lots during the previous week. Weaker-than-expected HSBC manufacturing data and other disappointing industrial data affected investor confidence in future demand for the metal.
In addition, global mining giant BHP Billiton said Thursday that it is shifting its investment focus from iron ore to copper as the group expects faster growth in demand for copper than for iron ore.
