The three-month price, consistent with that of the London Metal Exchange, fell 1% to $6,373.50 consistent with the tonne in official operations.
“With the minimisation of source disorders in Chile and Peru and the effects of China’s largely already noted fiscal stimulus, confidence in copper has gradually weakened,” said Tim Wood-Dow, an analyst at BMO Capital Markets.
COPPER ACTION: Yangshan’s copper premium SMM-CUYP-CN, an indicator of Chinese demand, hovers around $78 a tonne, its lowest level since April and below $99 a month ago.
The third quarter is a historically weak era for Chinese demand, analysts said.
Prices were also pressured by U.S.-China tensions ahead of a crucial weekend meeting between trade officials from both countries.
CODELCO SUPPLY: Chilean miner Codelco, the world’s largest copper producer, is waiting for advances in expanding the processing capacity of its underground project Chuquicamata.