Shanghai Futures Exchange copper prices fell by 0.8%, following
declines on the London Metal Exchange.
SHFE August copper settled at 58,300 yuan ($9,241) per tonne on
Thursday, down from 58,750 yuan per tonne on Wednesday.
"Manufacturing contractions in Europe and China as well as poor
employment data from the US hurt copper prices,'' an analyst
from Shanghai said.
The US private sector added 119,000 jobs in April, far fewer
Markit's Eurozone Manufacturing Purchasing Mangers' Index (PMI)
dropped to 45.9 from 47.7 in March, its lowest reading since
June 2009. The HSBC Purchasing Managers Index for China posted
49.3 in April, which indicates contraction for a sixth straight
"LME's backwardation also came down from earlier highs,'' the
The backwardation on the LME copper contract narrowed to $72
per tonne on an official basis, compared with an evaluation at
$97 at the close of LME trading on May 1 and $134.5 on April
On the Changjiang Nonferrous market, copper lost 135 yuan to
trade between 58,300 and 58,380 yuan per tonne.
August aluminium settled at 16,365 yuan per tonne, up 95 yuan
from last session. Its spot prices were up 80 yuan to
16,160-16,200 yuan per tonne.
July lead settled at 15,850 yuan per tonne, down 75 yuan from
the previous session. Its spot price retreated 25 yuan to
15,700-15,800 yuan per tonne.
August zinc settled at 15,655 yuan per tonne, down 105 yuan
from Wednesday's settlement. The spot price was unchanged at
15,450-15,500 yuan per tonne.