Shanghai Futures Exchange copper trimmed early losses to trade down 0.3 percent at 38,330 yuan ($6,174) a tonne on Tuesday as China pledged to halt a stockmarket rout that has unnerved investors and undermined demand prospects for metals. China's top economic planner said that it was optimistic on the outlook for the economy in the second half of 2015, but was paying close attention to volatility in the country's stock markets.
"I can't see it (copper) holding personally," said a broker in Hong Kong. "With stock markets down and volume not that great I would say we are still looking lower." Broker Triland noted limited consumer buying interest. "This is little surprise when ample supplies of metal are available, Chinese manufacturing is slowing and energy prices continue to fall. This downtrend is firmly established and Goldman's call of $4,500 starts to look more realistic by the day." However, supply side constraints resurfaced after Canadian-based copper miner, First Quantum Minerals, said that power cuts imposed by Zambia's state-run electricity company have hit its mining operations in the north western province of the country.
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