Shanghai copper steadies

London copper fell almost 1 percent on Wednesday, while Shanghai futures were steady on the day, after week-long holidays which saw London metal hit a record high and Beijing raise interest rates for the second time in six weeks. Most active futures in Shanghai fell 40 yuan to 75,540 yuan. Earlier prices pushed to 76,440 yuan, a near-four-year high.
"There was a bit of re-balancing of the markets when China re-opened, but we didn't see the kind of selling I had expected. Copper is very expensive, in London and Shanghai," a trader in Hong Kong said. Zinc was the biggest loser, dropping 1.9 percent in London, while its Shanghai counterpart fell 1.1 percent.