Shanghai copper prices fell on Wednesday as uncertainty over Chinese consumption cast a pall over the market, and after a fall in New York following the end of a strike by Chilean subcontractor workers. The July copper contract, the most active on the Shanghai Futures Exchange, fell 620 yuan, or 1 percent, to 64,280 yuan ($9,201) at the close, after ticking up half a percent in the previous session.
Analysts said Shanghai copper has been somewhat unresponsive to price movements in London or New York since the start of this year due to ample domestic supply and slowing demand. Spot copper prices in Shanghai were down 190 yuan on Wednesday, trading between 64,600 yuan and 64,770 yuan.
China's exports will probably grow just 10 percent this year due to weakening overseas demand, slowing from 25.7 percent in 2007, a government research body said on Monday.
Copper for delivery in three months on the London Metal Exchange fell $45, or half a percent, to $8,475, after gaining 1.3 percent on Tuesday to catch up with Monday's surge in New York. In other metals, aluminium eased $18 to $2,955 per tonne, while lead was down $5 at $2,550 per tonne.
Nickel was down $400 at $28,500 per tonne. The metal is expected to remain sluggish in the near future given news that leading Chinese stainless steel makers are cutting production and slashing spot sales in this month.