Copper futures traded on the Shanghai Futures Exchange (SHFE) closed lower on Monday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for July delivery closed 0.22 percent lower at 45,790 yuan/metric ton (tonne) on Monday.
Although China's central bank announced to cut the benchmark deposit and loan interest rates by 25 basis points (bps), starting from May 11, it did not lend support to the red metal market as fundamentals remain a big concern to investors, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 45,750-45,940 yuan/tonne on Monday, down 160 yuan from the previous trading day. On Monday, the SHFE benchmark zinc for July delivery closed 0.26 percent lower at 17,095 yuan/tonne, while SHFE aluminum, lead, nickel and tin closed up 0.15 percent, 0.04 percent, 1.85 percent and 0.90 percent, respectively.
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