Mkt Talk: Shanghai copper futures end lower Tue. tracking LME peer
BEIJING, July 15 (Xinhua) – Copper futures traded on the Shanghai Futures Exchange (SHFE) settled lower on Tuesday, tracking the three-month copper on the London Metal Exchange (LME).
TheShanghaibenchmark copper contract for September delivery closed 0.35 percent lower at 50,640 yuan/metric ton (tonne) on Tuesday.
By July 11, the SHFE copper stocks increased by about 4 percent week on week to 84,453 tonnes. The current off-season for copper consumption will likely weigh on the prices. Meanwhile, the previous winning streak of copper also caused profit-taking, weighing on the prices on Tuesday, said analysts.
Copper traded at the Changjiang Nonferrous Metal Market, a major spot metals market inShanghai, was quoted at 50,700-51,200 yuan/tonne on Tuesday, down 610 yuan/tonne from the previous trading day.
TheShanghaibenchmark aluminum and zinc closed up 0.26 percent and 1.28 percent, respectively, on Tuesday, while the SHFE lead ended down 0.04 percent at 14,070 yuan/tonne. (Contributed by Hu Pingchao, firstname.lastname@example.org)