Shanghai Futures Exchange (ShFE) copper slipped 1.6 percent to 44,430 yuan ($6,396) a tonne on Thursday. Spot copper premiums in Shanghai bonded zone continue to slide lower to $60-$70 range as business quietens down into year-end, amid credit restriction from Chinese banks to traders, said broker Triland in a report.
ShFE zinc dropped 2.2 percent and nickel eased 2.8 percent as China steel prices retreated due to caution over future closures after five days of heavy pollution. China's imports of refined copper, zinc and nickel fell by double-digit percentages in November, although aluminium shipments into the world's top base metals producers jumped sharply, customs data showed on Thursday.
That soured sentiment towards metals that were already slipping given profit-taking and a subdued tone in wider markets. "Trading is slowly grinding to a halt ahead of the upcoming Christmas break and we expect more of the same through year-end," analyst Ed Meir of INTL FCSTONE said n a report.