Shanghai copper falls

23 Oct, 2005

Chinese copper futures fell on Friday as global futures retreated from a historic high of $4,018 a tonne hit during London trade on Thursday.
Benchmark London three-month copper futures fell to $3,835 a tonne on Friday, after sliding steadily during New York and Asian trade from the contract's close in London at $3,950 a tonne.
Although some traders in China still saw copper's next target at $4,200 a tonne, they were content to take profits on Friday. The most active contract, January, ended at 36,390 yuan ($4,498) a tonne, down 1,070 yuan or nearly 3 percent.
Trading volume leapt to 115,282 lots, from 44,036 lots on Thursday.
Spot copper lost only 250 yuan, to 37,950-38,150 a tonne on Friday, restoring premiums to 500-700 yuan a tonne.
Premiums had shrunk on Thursday's futures-driven rally. Shanghai aluminium futures also fell as copper's drop pressured other global metals prices.
The most-active January contract ended at 17,150 yuan a tonne, down 170 yuan. Trading volume was strong at 17,764 lots, up from 9,808 lots on Thursday.

Read Comments