Most of China's copper futures edged lower on Wednesday, playing catch-up with LME losses during Asian trade, traders said.
The most active contract, January, opened higher but ended the day down 60 yuan at 26,380 yuan ($3,187) a tonne.
Most other copper contracts on the Shanghai futures exchange closed down between 30 yuan and 200 yuan per tonne, while combined volume fell to moderate 149,510 lots from 200,798 lots on Tuesday.
LME three-month copper reversed the previous day's $24 gain to trade at $2,785/$2,792 a tonne on Wednesday, as the threat of further fund selling overwhelmed support from a strike in Mexico.
It had ended on Tuesday's kerb at $2,817. On Wednesday, Shanghai aluminium contracts dipped 20 yuan to 70 yuan a tonne in thin trade.
LME aluminium rose $27 to $1,765 a tonne on Tuesday's kerb close but fell to $1,754/$1,757 in Asian trade. Spot copper in Shanghai gained 35 yuan to move in a range of 28,780 to 29,000 yuan a tonne on Wednesday.
The price ratio between Shanghai's January copper contract and the LME three-months stood at 9.47 at the close of the market on Wednesday.
Comments
Comments are closed.