The most active January copper contract on the Shanghai Futures Exchange fell 30 yuan to close the session at 59,150 yuan ($9,400) per tonne on Wednesday. Traders said Shanghai copper prices were also under pressure from weak buying interest in China ahead of the country's National Day holiday, for which the market will be closed from September 29 to October 7.
"Small- and medium-sized companies usually face a credit crunch towards the end of September, when banks stop lending in preparation for their third-quarter financial reporting," said a Shanghai-based physical trader.