Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Thursday, tracking lower local equity markets. The Shanghai benchmark copper contract for June delivery closed 0.62 percent lower at 43,310 yuan/metric ton (tonne) on Thursday.
On Thursday, the Shanghai Composite Index closed down 0.93 percent at 3,957.53. The recent performance of the Shanghai red metal shows that it lacked the driving force to increase further. Given sufficient supplies and weak demand, 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 43,380-43,520 yuan/tonne on Thursday, down 170 yuan from the previous trading day. On Thursday, the Shanghai June lead closed 0.79 percent higher at 12,810 yuan/tonne, while the SHFE aluminum, zinc, nickel and tin closed down 1.01 percent, 0.37 percent, 0.16 percent and 1.19 percent, respectively.
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