The most-traded copper contract on the Shanghai Futures Exchange fell 0.5 percent to 51,410 yuan ($7,877.12) a tonne on Wednesday as selling by funds trailed off, while Shanghai contracts for the metal edged lower. ShFE zinc was steady, while ShFE nickel was up 1.7 percent. Both metals, used in steelmaking, were benefiting from a second straight day of firmer Chinese steel prices.

Commodity traders said the emergence of funds offloading copper overnight failed to carry into the Asian day. Commodity funds had been active on Tuesday cutting positions on bets that prices had peaked, at least in the short term, after LME warehouse stocks climbed by more than 10,000 tonnes.

Copyright Reuters, 2017