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Copper futures prices plunge

in Shanghai

SHANGHAI: Shanghai copper futures closed down on profit-taking in the wake of Friday's heavy gains, traders said.

However, trading volume was very thin, showing that selling was light, they added. "There were only some profit-taking orders," said one trader. "Most players were sidelined today."

Analysts said they believed the market would consolidate for a few days on a technical correction.

"The fundamentals are still strong and the market is accumulating forces for gains," one said. "Copper might head for a key resistance at 31,000 yuan after a correction."

August 1995 contract lost 100 yuan to 29,800 yuan ($3,590) per tonne, October shed 130 to 30,250, November lost 220 to 30,280, and December 220 to 30,280. January 1996 lost 180 to 30,200 and February fell 150 to 30,100. September did not trade. Combined volume was 12,625 tonnes, from 26,975. Aluminium futures followed copper trend and closed down across the board.

August decreased 20 to 19,380, September 50 to 18,950, October 120 to 18,820 and November 100 to 18,800. Volume was very thin at 1,275 tonnes from Friday's 2,850.-Reuter