The most-traded August copper contract on the Shanghai Futures Exchange sagged 1.6 percent to 48,020 yuan ($7,700) a tonne on Wednesday. "I think it's reasonable that it falls considering LME copper looks unable to claim $7,000," a Singapore based trader said.
Also reflecting a slowdown in nearby demand, LME cash copper prices have fallen against the benchmark, while in Shanghai, premiums have edged down $5 to $115-$135 in the past few days, according to China-based price provider Shmet. "After the run we've seen in copper, it should be ready for a correction," said analyst Dominic Schnider of UBS Wealth Management in Singapore. Chinese imports of refined copper jumped by 86.5 percent in April from the previous month, extending gains made in March as stronger domestic prices boosted their appeal.