Shanghai copper down

The most-traded copper contract on the Shanghai Futures Exchange was 0.47 percent lower at 46,460 yuan ($6,688) a tonne on Friday. Traders said there had been expectations that copper would maintain Thursday's modest 0.2-percent gain after a key US housing market index surged to its highest in 11 years.
"That wasn't enough to keep copper in positive territory this morning, particularly given the amount of metal in the LME," said a Sydney-based commodities trader. Elsewhere, nickel eased after earlier attracting supply-side support from a decision by the Philippines government to cancel permits for another three mines on environmental grounds. ShFE nickel was off 0.68 percent to 95,280 yuan.