Shanghai copper futures ended sharply lower on Friday as worries over a flood of impending arrivals sparked short selling, traders said.
Sentiment also took a hit from a fall on the London Metal Exchange during Asian trade, traders said. Shanghai's most active contract, November, dived 560 yuan to 25,270 yuan ($3,053) a tonne, while most other contracts ended down between 230 yuan and 680 yuan.
Combined volume surged to heavy 228,024 lots from 127,892 lots on Thursday. "News spread on the market today that Chinese copper imports jumped in June," said a Shanghai trader.
"As imports typically arrive a few weeks after companies buy them outside China, investors are worried that coming arrivals would add to domestic inventories," he said. Customs figures issued on Wednesday showed China imported 88,067 tonnes of copper in June, up from 54,054 tonnes in May.
LME three-month copper fell to $2,772/2,777 per tonne on Friday's Asian trade, from $2,793 in London's kerb close overnight. Spot copper in Shanghai fell about 150 yuan to move in a range of 27,560-27,640 yuan a tonne on Friday.
Most Shanghai aluminium contracts fell 40 yuan to 130 yuan on Friday on thin volume of 9,530 lots, although that was up from 6,042 lots on Thursday.
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