Shanghai copper rose on Thursday as investors welcomed the end of the U.S. government shutdown, easing market uncertainty, though gains were capped by expectations of weak Chinese bank lending ahead of key economic data releases.

The most-traded copper contract on Shanghai Futures Exchange closed daytime trading up 0.95% to 86,550 yuan ($12,150.78) a metric ton.

The benchmark three-month copper also gained, up by 0.19% to $10,965 a ton as of 0703 GMT.

U.S. President Donald Trump on Wednesday signed legislation to end the longest government shutdown in the history of the nation, hours after the House of Representatives passed the spending package.

Investors welcome the reopening of the U.S. government, as it reduces market uncertainties, while they expect economic data to return to help them gauge the U.S. economy.

However, expectations for China’s weak bank lending are holding back copper gains. Investors are also awaiting a slew of data on the Chinese economy to be released on Friday, including new home prices, retail sales, and industrial output.

Elsewhere, among SHFE base metals, tin posted the biggest gain, closed the day surging 2.27% to 298,140 yuan a ton.

Indonesia, a major tin supplier to China, exported 2,643 tons of refined tin in October, down 53.89% from a year earlier, data from the country’s trade ministry showed on Monday, leading to concerns over the supply of the soldering metal.

Aluminium climbed 1.31%, zinc gained 0.44%, lead added 0.43% and nickel was little changed.

Among LME metals, aluminium was up 0.26%, zinc rose 0.50%, tin gained 0.40%, nickel was little changed, and lead posted sole loss at 0.31%.

($1 = 7.1230 Chinese yuan renminbi)
Source: Reuters