Shanghai copper down

The most-traded April copper contract on the Shanghai Futures Exchange shed 0.6 percent to 50,700 yuann ($8,400) a tonne on Tuesday A post-Lunar New Year pick up in Chinese buying was supporting prices. A crank up in Chinese industrial activity into the second quarter against a backdrop of low supplies of refined copper in Western markets could push up global prices, said Schnider.
"Is it possible to see $7,500 in the second quarter? Yes we can," he said. Reflecting a pick up in demand from China, domestic physical prices have traded back above ShFE front-month prices for the last week, from a discount in the second half of January.