Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Wednesday, as investors were concerned about the domestic demands. The Shanghai benchmark copper contract for June delivery closed 0.37 percent lower at 43,000 yuan/metric ton (tonne) on Wednesday.
Fundamentals remain a big concern for investors at present. By April 10, the SHFE copper stocks amounted to 240,775 tonnes, implying that the stock remained high. 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 43,060-43,250 yuan/tonne on Wednesday, down 120 yuan from the previous trading day. On Wednesday, other SHFE base metals closed higher with the benchmark aluminum, zinc, lead, nickel and tin up 0.08 percent, 0.37 percent, 0.80 percent, 1.06 percent and 0.15 percent, respectively.
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