Shanghai Futures Exchange copper slid by 2.6 percent to 34,770 yuan ($5,281) a tonne on Monday, to the weakest in a month. Renewed selling on China's share markets fuelled persistent concerns over China's economic health and tarnished prospects for metals. China's major stock indexes fell by as much as 5 percent on Monday after weak December inflation data, further souring sentiment towards metals, by fanning concerns Beijing was failing to shore up its economy.
"Expectations coming into 2016 were for a better macro environment, but the likelihood is that we're not going to see any real rebound until well after the Chinese New Year," said analyst Daniel Hynes of ANZ in Sydney. The Lunar New Year will take place in early February. "In base metals we saw a good little run up in late December. That set the scene for disappointment when we opened the new year."
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