Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Tuesday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for August delivery closed 0.21 percent lower at 42,090 yuan/metric ton (tonne) on Tuesday.
Due to the sluggish demand from downstream sectors in the off-season, the SHFE copper will continue weak performance and likely hover around 42,000 yuan/tonne in the short term, say analysts. Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 42,550-42,900 yuan/tonne on Tuesday, down 25 yuan from the previous trading day. On Tuesday, other SHFE base metals also closed lower with the benchmark aluminum, zinc, lead and tin down 0.82 percent, 1.84 percent, 1.58 percent and 3.77 percent, respectively. The SHFE September nickel hit a down limit of 5 percent to close at 87,330 yuan/tonne on Tuesday, the lowest since its launch.
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