Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Tuesday, ending a three-day winning streak. The Shanghai benchmark copper contract for June delivery closed 0.98 percent lower at 43,370 yuan/metric ton (tonne) on Tuesday, On Tuesday, the SHFE copper moved in the negative territory throughout the trading day in a narrow range, reflecting investors' concern about the copper outlook. Given the weak demand, the SHFE will likely hover around 43,000 yuan/tonne in the near term, said analysts. Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 43,560-43,700 yuan/tonne on Tuesday, down 475 yuan from the previous trading day. On Tuesday, other Shanghai base metals also closed lower with the benchmark aluminum, zinc, lead, nickel and tin down 0.23 percent, 0.88 percent, 0.59 percent, 0.03 percent and 0.27 percent, respectively.
Latest comments