The SHFE August copper contract stood at 45,500 yuan ($6,690) per tonne as of 03:00 GMT, down 70 yuan or 0.15% from the previous session’s close of 45,570 yuan per tonne.
China’s refined copper production reached 727,000 tonnes in May, up 6.8% year-on-year according to the last data from the country’s National Bureau of Statistics (NBS).
Adding further pressure was the fact that SHFE copper stocks had increased by 8,752 tonnes last week to stand at 199,014 tonnes on Friday June 16, an increase of 4.6% week-on-week. Copper inventories on the London Metal Exchange recorded a marginal decline on Friday, edging a net 50 tonnes lower to 268,450 tonnes.
Zinc lower despite...