Shanghai copper futures closed down on Friday despite a strong overnight rise on the London Metal Exchange, as gains fast became losses in a rudderless market, traders said.
The most active contract, October, closed 230 yuan lower to end at 24,730 yuan ($2,988) a tonne after reaching high of 25,270 yuan. Most other contracts shed between 120 and 350 yuan while combined volume increased to 236,078 lots, up from Thursday's 186,748 lots.
"The market is really lacking direction right now.
There has been no significant news to precipitate a move either way so we're just seeing range-trading," a Shanghai trader said.
Spot copper in Shanghai dipped in line with the futures market to move in a range of 25,900-26,100 yuan per tonne on Friday.
Volume tailed off to 34,458 lots from Thursday's 38,694 lots.