Shanghai copper falls

Shanghai Futures Exchange copper fell 1.6 percent to 35,680 yuan ($5,415) a tonne, having touched its lowest in three weeks, and still above last November's lows. Losses in Shanghai have not been as pronounced as those in London, in part on plans by China's state agency to add to its stocks.
Nickel was down 1.2 percent, while lead and zinc traded flat, having pared earlier losses of 1 percent that saw them approach Thursday's lows. Premiums for copper and zinc both climbed $5, reflecting bargain-hunting that was supporting prices. Chinese commodity funds see further falls in metal prices in 2016, but are eyeing potential buying opportunities in agricultural products and oil as beaten-down prices near the bottom of the cycle, fund sources said. Base metals trade on the ShFE surged 76 percent in 2015 as investors sought ways to bet against China's economy and domestic smelters increased their hedging to offset losses in a year when metals prices slumped.