Copper futures traded on the Shanghai Futures Exchange (SHFE) ended lower on Wednesday, representing a three-day losing streak. The Shanghai benchmark copper contract for July delivery closed 1.00 percent lower at 44,420 yuan/metric ton (tonne) on Wednesday.
Fundamentals remain a big concern for investors. The SHFE copper stocks remained high at present amid weak demand on the domestic market. Under such circumstances, the SHFE will likely hover around 44,500 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 44,350-44,500 yuan/tonne on Wednesday, down 500 yuan from the previous trading day. On Wednesday, the Shanghai benchmark zinc for August delivery closed flat at 16,630 yuan/tonne, while the SHFE benchmark aluminum, lead, nickel and tin closed down 0.42 percent, 0.19 percent, 0.39 percent and 1.94 percent, respectively.
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