Copper futures traded on the Shanghai Futures Exchange (SHFE) closed lower on Thursday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for July delivery closed 0.02 percent lower at 46,070 yuan/metric ton (tonne) on Thursday.
On Thursday, the international oil prices also performed weakly, weighing on the commodity market. Given the current fundamentals, the SHFE copper was projected to hover around 46,000 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 45,910-46,190 yuan/tonne on Thursday, down 220 yuan from the previous trading day. On Thursday, the SHFE July lead closed up 0.44 percent to 13,550 yuan/tonne, while the SHFE benchmark aluminum, zinc, nickel and tin closed down 0.22 percent, 0.23 percent, 2.49 percent and 0.90 percent, respectively.
Latest comments