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Shanghai copper futures end lower Wed, tracking LME peer

BEIJING
2015-07-22 15:36

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Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Wednesday, tracking its three-month copper peer on the London Metal Exchange (LME).

The Shanghai benchmark copper contract for September delivery closed 2.08 percent lower at 39,150 yuan/metric ton (tonne) on Wednesday.

Dollar-dominated commodities appeared costlier to holders of other currencies when the greenback strengthened. The strong dollar on Wednesday weighed on the red metal.

Meanwhile, the increase in June's refined copper output and SHFE copper stocks also cloud the metal prospect, said analysts.

Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 39,650-40,400 yuan/tonne on Wednesday, down 575 yuan from the previous trading day.

On Wednesday, other SHFE base metals also closed lower with the benchmark aluminum, zinc, lead and tin down 0.88 percent, 2.16 percent, 2.01 percent, 1.32 percent and 2.18 percent, respectively.

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