Shanghai copper drops

The most-traded May copper contract on the Shanghai Futures Exchange fell 1.2 percent to 60,280 yuan ($9,600) a tonne on Tuesday. China, which consumes 40 percent of the world's copper, may slow on any restocking activity which has usually complemented its domestic consumption, said Dominic Schnider, executive director for wealth management research at UBS.
Chinese copper demand is likely to rise around 7 percent this year from 7.8 million tonnes in 2011, said Schnider, which points to incremental demand of around half a million tonnes.