Copper futures traded on the Shanghai Futures Exchange (SHFE) closed lower on Tuesday, tracking its three-month copper peer on the London Metal Exchange (LME). The Shanghai benchmark copper contract for July delivery closed 0.25 percent lower at 44,520 yuan/metric ton (tonne) on Tuesday.
Fundamentals remained weak for the red metal as demands from power grid construction and property investment in China were lackluster. The copper lacked the driving force at present. The high output and weak demand will continuously weigh on the SHFE copper for a while. Given the above factors, the SHFE copper will likely hover around 45,000 yuan in the near term, said analysts. Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market in Shanghai, was quoted at 44,750-45,100 yuan/tonne on Tuesday, up 95 yuan from the previous trading day.
On Tuesday, the SHFE benchmark aluminum, lead and nickel closed up 0.11 percent, 0.11 percent and 0.35 percent, respectively, while the SHFE tin for July delivery closed down 0.30 percent at 118,270 yuan/tonne. The SHFE August zinc closed flat at 16,525 yuan/tonne.
Latest comments