Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Thursday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for August delivery closed 0.26 percent lower at 41,920 yuan/metric ton (tonne) on Thursday.
On Thursday, the Shanghai Composite Index closed down 3.46 percent at 4,527.78. The downbeat sentiment in the local equity markets also weighed on the red metal market. In the short term, the SHFE copper will continue weak performance due to the sluggish fundamentals, say analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 42,220-42,380 yuan/tonne on Thursday, down 135 yuan from the previous trading day. On Thursday, other SHFE base metals also closed lower with the benchmark aluminum, zinc, lead, nickel and tin down 0.31 percent, 0.51 percent, 0.19 percent, 1.18 percent and 1.83 percent, respectively.
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