Shanghai copper prices calmed despite worries about a probe into metals financing at China's third-largest port. "Demand globally is looking pretty good," said analyst Joel Crane at Morgan Stanley in Melbourne. "Obviously in China growth is lower than it was before but there is still growth. The problem with commodities is that they are all oversupplied, but that won't last forever."
Copper futures in China were relatively calm. The most-traded August copper contract on the Shanghai Futures Exchange edged up 0.2 percent to 48,320 yuan ($7,700) a tonne. But premiums for bonded stock in Shanghai dropped $10 to $95-$115, after falling $5 on Wednesday, according to Shanghai price provider Shmet.