The most-traded copper contract on the Shanghai Futures Exchange settled 4.3 percent down at 43,670 yuan ($6,371) a tonne, pulling the London contract lower, as traders cashed in gains after last week's dramatic price spikes supported by Donald Trump's US presidential election victory.
Copper recorded its best weekly showing last week since 2011 with an 11.2 percent gain, a rally that was also buoyed by US President-elect Donald Trump's promises of infrastructure spending. The meteoric rise of copper last week, which was up 20 percent at one point, was not justified by fundamentals and the metal used mostly in power and construction was due to retreat.
Copper's retreat took the shine off zinc futures, which recoiled sharply in Shanghai late in the day after gaining earlier on expectations of a pick-up in Chinese demand for steel alloys. The most-traded zinc contract on the Shanghai Futures Exchange ended 1.2 percent higher at 21,115 yuan ($3,080) after rising as much as 6.3 percent.
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