Copper falls

11 December 2017

Shanghai copper futures were on track to end the week in negative territory after opening softer on Friday, ignoring signs of supply-side support.

News that China´s second largest producer, Tongling Nonferrous Metals Group was idling up to 30 percent its smelting capacity to meet winter output restrictions, did little to counter a bout of end-of-week profit taking.

The most-traded copper contract on the Shanghai Futures Exchange was down 0.04 percent to 51,460 yuan ($7,776.59)a tonne at 0111 GMT.

At the level, the contract is facing a 2.7 percent loss for the week.

Three-month copper on the London Metal Exchange was down 0.2 percent to $6,552.50 a tonne and set for a weekly loss of more than 4 percent. ShFE nickel led gainers, rising more than 1 percent at the open. LME nickel, retreated 0.8 percent after posting a hefty 2.2 percent rise overnight.

Source: The Ne