Copper futures in Shanghai ticked down on Thursday as around 6,000 tonnes of refined copper landed in the city, weighing on domestic sentiment, but London lead jumped almost 4 percent, extending Wednesday's surge. Shanghai copper stocks, at 21,796 tonnes last week, or about two days of China's daily consumption, were in focus as talk swirled of fresh metal landing in China even though imported material is still more expensive than domestic supplies.
Shanghai November copper closed down 80 yuan at 59,420 yuan ($8,703) a tonne. "Speculation about rising imports is weighing on prices, but the tight supply situation will not change in the short term as it remains unprofitable to import," said analyst Li Rong at Great Wall Futures.
"Nickel, zinc and lead all looked like they were oversold, but producers have been more proactive cutting output than people thought and the shorts are clearing out," William Adams, analyst at BaseMetals.com said. Shanghai aluminium dipped 150 yuan to 17,880 yuan, while London rose $8 at $2,773.
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