Shanghai copper down

The most-traded September copper contract on the Shanghai Futures Exchange closed down 0.50 percent at 52,150 yuan ($8,500) a tonne on Thursday, after earlier touching its lowest since May 3 at 51,660 yuan. "The trend has been down for copper. I still feel we've got further downside to come because of the trend of weak global macro data coming through," said Tim Radford, global analyst at Sydney-based advisor Rivkin.
Radford also said that record equity market gains were driving corporate confidence in the United States, pushing up the dollar and also drawing investment away from commodities. "A very sudden bounce in Shanghai equities caused a sharp rally in both ShFE copper and rebar. Copper continues to grind higher as the move has spooked day traders into short covering," the trader said.