Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Monday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for June delivery closed 0.09 percent lower at 43,830 yuan/metric ton (tonne) on Monday.
Despite market expectation for consumption recovery, fundamentals of the red metal remained sluggish at present. The SHFE copper is expected to hover around 43,000 yuan/tonne in the near term, say analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 43,570-43,950 yuan/tonne on Monday, up 185 yuan from the previous trading day.
On Monday, other Shanghai base metals also closed lower with the benchmark aluminum, zinc, lead, nickel and tin down 0.11 percent, 0.06 percent, 0.12 percent, 2.72 percent and 0.96 percent, respectively.
Latest comments