SHFE Copper prices end lower on limited demand

SHANGHAI (Scrap Monster): SHFE copper prices ended lower on Tuesday as the market continued to focus on uncertain demand in China.

The February copper contract settled at 56,340 yuan ($8,955) per tonne on the Shanghai Futures Exchange (SHFE), down 450 yuan from Monday. The metal’s trading volume rose 9% to 255,612 lots.

“LME copper inventory rose by a lot yesterday, while local smelters are planning to export copper due to persistently weak demand and high inventories in China,” said physical trader in Shanghai.