Copper in Shanghai edged lower on Friday as a weaker technical outlook and concerns about inventories vied with optimism about Chinese demand and the prospect of tighter supplies in the future. Benchmark third-month Shanghai copper ended down 300 yuan at 60,480 yuan.
Shanghai metal traded at a premium of around 900 yuan to London, keeping arbitrage trading profitable. Aluminium fell 15 yuan to 17,405 yuan. Aluminium, sometimes called "congealed energy" because of the huge amount of power needed to smelt the metal, may see more support from electricity shortages in China.
Shanghai metals stocks reported rises across the board, with copper rising 1,774 tonnes to 100,588 tonnes and aluminium up almost 10,000 tonnes at 307,453 tonnes. Zinc stocks rose 1,000 to 222,900 tonnes having surged 50,000 tonnes last week.
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