Shanghai copper eases

The most-active October copper contract on the Shanghai Futures Exchange eased 0.2 percent to close at 55,970 yuan ($8,800) per tonne on Wednesday, also after touching a seven-week high in the previous session. "It's a natural technical correction after the markets have fully expressed their optimism over the latest European measures and stimulus expectations. Now we need details of a solid euro zone rescue plan to sustain this euphoria," said a Shanghai-based trader with an international firm.
Sluggish demand from top copper consumer China has also been weighing on prices of the metal, with hefty copper stockpiles crimping imports. "Investors are exiting their positions today," said a Shanghai-based trader.