Shanghai copper ended down on Wednesday as contracts failed to hold onto strong early rises for the second consecutive day, sliding off intraday highs as market sentiment stayed poor, traders said.
The most active September contract finished 70 yuan lower at 28,540 yuan ($3,448), while most other contracts closed down between 20 and 310 yuan. Volume dwindled to 225,296 lots from Tuesday's hefty 228,664 lots.
"LME is having trouble breaking through barriers below the $3,000 level, which makes ;pca; investors doubt whether prices could re-visit previous highs," said a Shanghai trader.
LME three-month copper was quoted with a wide spread at $2,975/$2,994 a tonne by 0345 GMT in Wednesday's Asian trade, versus $2,994 at the kerb close on Tuesday in London.
It posted its highest level in nearly nine years at $3,055 just over two weeks ago, before suffering a correction.
Spot copper fell 170 yuan to move in a range of between 28,410 yuan and 28,480 yuan per tonne on Wednesday.
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