Shanghai copper, nickel slip

Shanghai Futures Exchange copper lost 0.7 percent to 52,810 yuan ($7,958) a tonne on Thursday while Shanghai nickel slid 2.6 percent and lead fell 1.5 percent, in line with recent weakness in steel on worries that Chinese demand may be cooling heading into a seasonally lower period of consumption. Zinc, which has been supported by supply concerns, dropped a more modest 0.8 percent.
"The weak economic data in China earlier this week has sparked some concerns about demand for stainless steel and nickel in coming months," ANZ analysts said in a report. "This was enough for investors to lock in some gains after the 20-percent rally in prices over the past couple of months."