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Copper prices

fall in Shanghai

SHANGHAI: Shanghai copper futures closed mostly down on Friday's losses on the London Metal Exchange and a lack of speculative funds, traders said.

Copper contracts opened lower but recovered partly at the close because investors believed the room for drops was limited, they said.

"In the run-up to the end of an easing demand season, copper prices will rise gradually," said one trader. "So players did not think copper would drop much."

Domestic demand for copper usually weakens in July and August but starts to recover in September.

"Due to the eased demand, hot money inevitably moved to other highly speculative markets," said another trader. "I believe the situation will improve with recovering demand."

September lost 40 yuan to 29,950 yuan ($3,601) per tonne, October was unchanged at 30,200, November lost 130 to 30,270, December 190 to 30,360, January 180 to 30,410 and February 100 to 30,400. Volume rose to 15,150 tonnes from 10,475.

Aluminium lost on sufficient spot supply. September shed 160 yuan to 17,840, October 240 to 17,740, November 240 to 17,710, December 220 to 17,730 and January 350 to 17,700. Volume edged up to 8,000 tonnes from 5,250.-Reuter