Shanghai copper slips

The most-traded September copper contract on the Shanghai Futures Exchange slipped by 0.2 percent to 50,870 yuan ($8,200) a tonne on Wednesday, with momentum falling short of fresh five-month peaks in overnight trade. Copper prices have rallied more than seven percent since mid June to above the $7,000 a tonne mark, driven by a lack of supply and a cheerier chart picture that has encouraged fund buying.
China's moves to loosen monetary policy have also fed copper's rally, which may stretch further after Wednesday's relatively benign inflation data handed policy makers scope for fresh action, said Jonathan Barratt, chief executive of commodity research firm Barratt's Bulletin in Sydney.