Shanghai copper sags

Shanghai copper fell more than 3 percent on Thursday after weak Chinese import data cast doubt on demand from the world's biggest consumer of the metal, adding to worries about high oil prices hurting the global economy. Shanghai's most active copper futures contract closed down 3.3 percent at 69,230 yuan. It fell to an intraday low of 69,070 yuan a tonne, it weakest in two and a half months.
Based on technical charts, Shanghai copper crossed below the 100-day moving average at 69,470 yuan. The Relative Strength Index on LME copper dipped to 23.6 earlier, its lowest since last June, suggesting the market had become oversold. Shanghai zinc fell to a three-month low of 17,605 yuan a tonne, before cutting losses to 17,735 yuan, down 3.2 percent from the previous close.