Shanghai copper futures fall

Copper futures in China edged lower on Friday as further signs that there will be additional metal available to the market next year weighed on sentiment. At the Shanghai Futures Exchange, most active February copper ended the afternoon session down 350 yuan at 64,990 yuan ($8,300) a tonne.
"Copper is not attracting much buyer interest given the supply fundamentals," a trader said. Copper for delivery in three months on the London Metal Exchange was down $40 at $7,040 per tonne.
Shanghai warehouse copper stocks dropped by 4,410 tonnes or 16 percent to 22,731 tonnes in the week ended on Thursday, though the data was released at the close of trading. Traders had earlier focused on news that copper miner Grupo Mexico plans to "significantly" raise its copper output in 2007 as mine expansions come on line in Peru. Closely watched LME-held copper stocks have risen to nearly 160,000 tonnes, from little more than 25,000 tonnes in July last year.