The most-traded February copper contract on the Shanghai Futures Exchange ended little changed at 46,210 yuan ($7,477) a tonne on Thursday as the dollar weakened against an index of currencies on year-end positioning and partly due to risk-aversion triggered by steep losses in oil. "All these extreme moves in the oil markets have repercussions on sentiment in other asset classes ... But generally metals have held up extremely well," said analyst Mark Keenan of Societe Generale in Singapore.
"A lot of that is because metals discounted the Chinese slowdown quite early on relative to other commodities. Now with the exception of copper they are supported by their cost curves and declining inventories. Next year, the zinc, nickel, (and) lead cluster are seen to have some upside."
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