Shanghai Futures Exchange copper ended the session with 1.1-percent losses at 35,200 yuan ($5,381) on Thursday, but held above recent lows at 35,030 yuan a tonne. "Macro policymakers are driving direction in the metals markets at the minute," said analyst Daniel Morgan at UBS in Sydney. "At the margin, you are going to see less support from China. Property data has been very strong but it's likely to moderate from now to year-end, and seasonal factors will start to fade. You are potentially going to see some range-trading in the short to medium term." China officials said last week that it would hold back on strong stimulation of the economy, as a recovery in its ailing property sector takes root.
Indonesia's tin smelters are operating at 21 percent of their annual nameplate capacity, an official said this week. Japan's core machinery orders rose 5.5 percent in March, but companies forecast a decline in investment in April-June, suggesting some are cautious about the business outlook. Chinese state firms should cut excessive management, reduce costs and adopt market-based operations to improve their competitiveness, the country's cabinet on Wednesday.
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