Shanghai copper down

The most-traded January copper contract on the Shanghai Futures Exchange shed 1 percent to end at 51,150 yuan ($8,400) a tonne on Friday, earlier sliding to 51,100, its lowest since September 18. Shanghai metal hit its weakest in more than a month as fitful global factory growth and fears China will clamp down on credit reinforced a dim outlook for copper.
Copper demand growth in top consumer China while healthy, is slowing in pace, and swelling supply has blunted price momentum, consigning copper to a $7,000-$7420 range since early August. "The longer China prolongs the recent tightening, the more it's going to squeeze out liquidity and raise the risk of a more significant pull back in demand in general," said Thomas Lam, chief economist at DMG & Partners Securities in Singapore. "The best growth years for China are probably behind us," said Lam, adding that there was little in the way of global growth prospects to give metals prices a lift.