The most active February copper contract on the Shanghai Futures Exchange lost 1.5 percent to close the session at 55,780 yuan ($8,900), catching up with steeper falls in London on Friday and marking its cheapest level since September 7. And in China's physical copper markets, spot prices are still trading at a discount to the ShFE front-month contract, indicating weak consumer demand.
Also denting sentiment were copper stocks in ShFE-monitored warehouses, which were at a six-month high at 197,937 tonnes on Friday, after rising 31 percent since September 7. "(The) rise in copper stocks was accompanied by an import loss of between 1,000-2,000 yuan, which weighed down on copper import volumes and bonded warehouse drawdowns," Minmetals Futures said in a note on Friday.