Shanghai Futures Exchange copper, zinc, lead and aluminium fell more than 1 percent, with aluminium hitting a new record low, down more than 15 percent this year, and copper ending at 39,540 yuan ($6,223) a tonne. "The mood is uniformly negative towards China this year," said Barclays in a note.
"Appliance sales, automobile production, real estate construction are weak ... In our view, the copper market is set for a particularly turbulent period over the next two years, with supply rising and demand struggling." A metals executive in Asia who had just returned from the London event said that overall the mood was grim, with discussion centred on how long the three-year old bear trend would last. "People are debating whether it's one more year or three," he said. "Most people don't think we've seen the bottom. And I don't think we have seen it yet. There hasn't been enough bloodshed in the industry."