Shanghai Futures Exchange copper slipped 0.3 percent to 35,330 yuan ($5,374) a tonne on Thursday. "Copper and aluminium prices failed to sustain their April gains despite the large boost to Chinese credit growth early this year," said Societe Generale in a research note.
"The latest data releases on Chinese trade, production, investment and credit suggest that the economy's burst of life is unlikely to last. Copper and aluminium remain oversupplied, and we expect copper and aluminium prices to significantly underperform the smaller base metals over the coming months."