The most-traded February copper contract on the Shanghai Futures Exchange slipped by 1.4 percent to 45,880 yuan ($7,407) a tonne on Tuesday after factory growth in top metals consumer China shrank in December for the first time in seven months, further curbing investor appetite for risk. "On the demand side, China is still positioning for a deceleration," said analyst Dominic Schnider of UBS Wealth Management in Singapore.
"(On falling oil) people underestimate that the cost curve comes down and people should take that into consideration next year. Supply can be stronger than people think. That means on net-net basis I still have difficulties seeing copper rising."
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