The most-traded January copper contract on the Shanghai Futures Exchange slipped 0.14 percent to close at 59,070 yuan ($9,400) a tonne on Thursday as traders betting on a fourth-quarter recovery in Chinese demand, though an upcoming holiday and simmering concerns over Europe's debt crisis capped gains.
Underlining the slowdown in China's economic growth, industrial profits fell 6.2 percent to 381.2 billion yuan ($60.49 billion) in August from a year ago, the government said on Thursday, quickening the pace of a drop in earnings this year. China accounts for around 40 percent of global metals demand. "We would want to sell into any near-term strength as prices look likely to move down to $8,000, and possibly $7,800, in the next four to six weeks - as the stimulus fever burns out and market jitters about Europe and China return to the fore," said ANZ in a research note.