The most-traded July copper contract on the Shanghai Futures Exchange dropped 0.2 percent to close at 59,970 yuan ($9,500) a tonne on Thursday, well off the day's low of 59,140 yuan. "I think last night's selloff was at least overdone," said Judy Zhu, commodity analyst at Standard Chartered Bank in Shanghai.
At best, Zhu said she expects copper to be stuck in tight ranges given a modest consumption growth outlook in China, which uses 40 percent of the world's copper.