Copper futures traded on the Shanghai Futures Exchange settled almost unchanged Tuesday as the market awaited further cues from the London Metal Exchange following the Christmas break.
Analysts said market sentiment is rather bearish as charts tip more losses in the three-month LME contract in the short term.
The benchmark February 2007 copper contract fell CNY20 to settle at CNY59,670 a metric ton, after trading between CNY59,390/ton and CNY59,940/ton.
Overall trading volume fell to 21,286 lots from 44,788 lots Monday.
One lot is equivalent to five tons.
There was some rolling over to the March contract, but "few people are prone to hold big long positions at the moment, as three-month LME looks poor on the charts," said Kuang Bo, an analyst at Jinrui Futures Co.
"It will soon test support around $6,000," Kuang said.
Three-month LME copper fell $5 to end the late kerb Friday at $6,325/ton.
Meanwhile, "the local spot market doesn't seem to be able to keep its strength, given the downward trend," said Gu Yuan, a senior analyst at Jinpeng Futures Co.
On the Changjiang Nonferrous Metals Trading Market, a major spot metals market in Shanghai, spot copper was quoted at CNY61,300-CNY61,500/ton versus CNY61,550-CNY61,750/ton Monday.
Shanghai's aluminum futures settled mixed.
The benchmark March 2007 contract rose CNY80 to settle at CNY20,200/ton, after trading between CNY20,130/ton and CNY20,260/ton.
China's futures markets are off-limits to foreign investors.
Tuesday's closing prices in yuan a metric ton versus LME late kerb prices from Monday in dollars a metric ton:
Copper Change Aluminum Change
Shanghai Feb 59,670 Dn 20 Mar 20,200 Up 80
LME N.A. N.A. N.A. N.A.
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