Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Friday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for August delivery closed 0.24 percent lower at 41,820 yuan/metric ton (tonne) on Friday.
On Friday, the Shanghai Composite Index closed down 6.42 percent at 4,478.36. The bearish local equity markets also weighed on the red metal futures. Due to the absence of driving force, the SHFE copper will likely fall further and hover around 41,000 yuan/tonne in the near term, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 42,200-42,400 yuan/tonne on Friday, down 125 yuan from the previous trading day. On Friday, the Shanghai benchmark aluminum and tin closed up 0.32 percent and 1.32 percent, while the SHFE benchmark zinc, lead and nickel ended down 1.20 percent, 0.50 percent and 1.71 percent, respectively. (Contributed by Hu Pingchao, hupingchao@xinhua.org)
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