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Copper futures

decline in

Shanghai

SHANGHAI: Shanghai copper futures closed solidly down after unexpected losses on the London Metal Exchange on Tuesday, but investment interest seemed to have returned with volume going up sharply, traders said.

Copper opened lower and trading was heavy at the 30,000 yuan ($3,606) level, they said.

At the close, September lost 240 yuan to 29,710 yuan ($3,571) per tonne, October 290 to 29,850, November 330 to 29,920, December 440 to 29,940, January 450 to 29,950, February 500 to 29,900 and March 270 to 30,030.

Volume surged to a heavy 42,275 tonnes from 10,900.

"LME losses surprised Shanghai players a little," said one trader. "But heavy volume suggested institutions had come back," said another.

Some traders said Shanghai copper would continue to follow the trend on the LME. Others said it would consolidate in the next few days in search of a new trend.

"It seems that prices will not drop much in the coming days because of the support of spot prices," said one trader.

On the Shanghai spot market, copper is around 29,980 yuan per tonne, traders said.

Aluminium ended mostly higher.

September shed 20 to 17,820, October rose 60 to 17,820, November added 50 to 17,800, December put on 70 to 17,780 and January rose 50 to 17,700.

Volume edged down to 4,450 tonnes from 4,925.-Reuter