Shanghai Futures Exchange copper ended little changed at 36,510 yuan ($5,469) a tonne on Monday. ShFE nickel and ShFE tin traded up 1 percent as metals with tighter supply continue to outperform as investors bet that more mine supply would drag on prices for the rest of the year. A long weekend in the United States for the Labour Day holiday was set to keep trading in check.
"We are cautious about the near-term price outlook for copper and aluminium in view of the pending US Fed rate hikes, slower-than-expected capacity reduction in aluminium in China and a near-term oversupply threat in the global copper market," Argonaut Securities said in report. "On the demand side, there is a lack of positive catalysts for demand mainly because of some cool-off in the property sector."
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