Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Tuesday, representing a three-day losing streak. Tracking its three-month copper peer on the London Metal Exchange (LME), the Shanghai benchmark copper contract for June delivery closed 0.62 percent lower at 43,350 yuan/metric ton (tonne) on Tuesday, Recent performance of the Shanghai red metal shows that it lacked the driving force to increase further due to the still weak fundamentals.
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 43,460-43,710 yuan/tonne on Tuesday, down 175 yuan from the previous trading day.
On Tuesday, the Shanghai benchmark aluminum, zinc and tin closed up 0.41 percent, 0.06 percent and 0.37 percent, while the SHFE benchmark lead and nickel ended down 0.44 percent and 3.4 percent, respectively.
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