Shanghai copper down

The most-traded April copper contract on the Shanghai Futures Exchange fell by 0.9 percent to 39,320 yuan ($6,299) a tonne on Thursday, having pared earlier losses of near 1 percent. News that top metals consumer China plans to cut its economic growth target to the lowest in 11 years at around 7 percent in 2015 also tainted sentiment.
"Copper is drifting around looking for direction, but bias is to the downside in Asia, particularly from investors in this region," said analyst Daniel Hynes of ANZ in Sydney. "The Asian market certainly sees weaker demand particularly through the first half of the year and is selling any of the rallies we see come through from European markets, which have been buoyed somewhat by the European Central Bank action." China is rolling out a series of measures to aid overseas expansion by firms across industries, especially nuclear power and railways, the cabinet said on Wednesday.