Shanghai copper retreats

Shanghai copper futures fell on Thursday disappointed by the London Metal Exchange's (LME) failure to maintain 8-1/2 year highs, traders said.
The most active September contract ended 230 yuan lower at 28,720 yuan ($3,470) per tonne, while most other contracts posted losses of between 220 and 350 yuan.
Volume leapt to heavy 266,680 lots from Wednesday's 187,866 lots.
"The LME didn't manage to keep up its momentum, so some Chinese investors were upset about that, which led to selling," a Shanghai trader said.
LME three-month copper, which swept to a new 8-1/2 year peak at $2,985 in London trade before falling back to close at $2,951, was trading at $2,895/$2,905 a tonne in Asian trade on Thursday.
Spot copper in Shanghai fell between 150 and 230 yuan to move in a range of between 28,670 yuan and 28,850 yuan a tonne, echoing the fall in futures.