Shanghai copper falls on growth concerns

Shanghai copper edged down on 27th,Aug, chasing falls in London from an intraday high in the previous session, as investors contend with worries about Chinese growth on the one hand and positive US data on the other. Western investors fret that Chinese attempts to curb overcapacity in some sectors, including steel, cement and silicon will slow demand growth for base metals. Copper for three-month delivery on the London Metal Exchange rose $19 to $6,310 a ton in early trade, having ended down 0.3 percent in the previous session, when prices touched a high of $6,408.50. Shanghai's benchmark third-month copper eased 0.7 percent to 49,660 yuan. Aluminum rose $2 to $1,870. LME inventories stand at 4.62 million tons and China's top producer, Aluminum Corp of China, said privately held stocks in the country totaled 500,000 to 600,000 tons. However, the International Aluminum Institute said total aluminum smelter stocks excluding finished end-products fell to 2.279 million tons at the end of July versus a revised 2.333 million in June.