Shanghai copper

SHANGHAI (Dow Jones)--Copper futures traded on the Shanghai Futures Exchange settled up Friday for the third consecutive session, as investors expect more gains in three-month London Metal Exchange copper in the coming week.
The benchmark April 2007 contract gained CNY640 to settle at CNY55,500 a metric ton, after trading between CNY55,210/ton and CNY55,960/ton.
Turnover for all Shanghai copper futures fell to 50,888 lots from 92,222 lots Thursday. One lot equals five tons.
"Charts indicate three-month LME copper will likely test higher (levels) in the coming week, when markets are closed here," said Gu Yuan, an analyst at Jinpeng Futures Co.
"Psychological resistance at $6,000 still looks strong," but positive sentiment point to room for further gains, Gu said.
Shanghai's benchmark April contract rose 8.7% this week, while three-month LME copper gained 4.7% this week by Thursday's PM kerb.
Three-month LME copper rose $120 to end the late kerb Thursday at $5,840/ton. It was quoted higher at $5,865/ton around 0700 GMT, when the Shanghai market closed.
At the Changjiang Nonferrous Metals Trading Market, a major spot metals market in Shanghai, copper was quoted at CNY56,000-CNY56,200/ton, almost unchanged from Thursday.
Meanwhile, copper stocks at exchange-monitored warehouses rose 4,355 tons from a week ago to 31,007 tons as of Friday, the exchange said after the session closed.
Analysts said market participants had expected the rise due to slower buying ahead of the holiday, which weighed on near-month contracts Thursday and Friday.
Markets in China will be closed next week for the Lunar New Year holiday.
Shanghai's aluminum futures settled higher.
The benchmark May 2007 contract settled CN100 higher at CNY19,800/ton.
China's futures markets are off-limits to foreign investors.
Friday's closing prices in yuan a metric ton versus LME late kerb prices from Thursday in dollars a metric ton:
Copper Change Aluminum Change
Shanghai Apr 55,500 Up 640 May 19,800 Up 100
LME 3Mo $5,840 Up$120 3Mo $2,814 Dn $14