Shanghai copper recovers

Shanghai copper prices rose 3 percent yesterday while London futures reversed early losses as a rise in equities stabilized the market, but traders see more weakness in the near term as the market faces "a wall of worry".

A 4.8 percent surge in Chinese equities gave metals a late afternoon sugar rush, lifting Shanghai copper to a two-day high and lighting a fire under London which had spent most of the day in the red.

"When the Shanghai composite moves significantly we get a run in metals. It's not an absolute link but today at least Shanghai shares rose, driving up the local metals market which fed into London," a dealer in Melbourne said.