The most active January copper contract on the Shanghai Futures Exchange fell 0.6 percent to close at 58,860 yuan ($9,400) per tonne on Wednesday. But losses are expected to be limited by fresh signs of pro-growth policies by China to stabilise the world's second-largest economy. In a sign of tepid demand, copper inventories monitored by the Shanghai Futures Exchange are up 74 percent from the start of the year at 162,547 tonnes.
Spot copper is also trading at a discount of around 120 yuan to the ShFE front month contract.