Shanghai copper gave up early gains to close 0.5 percent lower on Friday as investors closed out positions, anticipating a rise in Shanghai copper stocks. The most-active August copper contract on the Shanghai Futures Exchange fell to 63,130 yuan a tonne at the close, from 63,420 yuan on Thursday.
Earlier, prices were up by over 1.6 percent, buoyed by gains in London as investors focused on near-term threats to supply that overshadowed concerns of slowing demand. Warehouse stocks of copper monitored by the Shanghai Futures Exchange rose by 6 percent to 99,773 tonnes this week, according to official data released after the market closed. Dealers had expected a rise of up to 9,000 tonnes.