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The most-traded January copper contract on the Shanghai Futures Exchange closed up 0.7 percent at 44,210 yuan ($6,416) a tonne on Friday as the dollar soared to a 13-1/2-year high against a basket of currencies after Federal Reserve Chair Janet Yellen signalled that US interest rates could rise "relatively soon".
"The previous rally in copper I think was too fast and overdone," said Helen Lau, analyst at Argonaut Securities. Going forward, indications of a relatively balanced copper market next year could support prices, analysts say. China's biggest copper smelter, Jiangxi Copper, has agreed to a 5 percent drop in fees to process concentrate for Freeport-McMoRan Inc in 2017, people familiar with the matter said.
"The reduction likely reflects expectations that global mine supply will remain fairly flat next year after growing around 4 percent this year," Commonwealth Bank of Australia analyst Vivek Dhar said in a note.

Copyright Reuters, 2016

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