"There's been some buying on the back of a lower dollar and the possibility of a strike at Escondida (copper mine in Chile)," a copper trader said. "But the rally does seem to have to run out of steam."
An overhaul of Chile's market-orientated constitution is underway and the country is debating whether to increase royalties on miners.
"There's no point having money in copper at this point because we're not going anywhere," said commodities broker Anna Stablum of Marex Spectron.
"The shorter-term money...has already disappeared and moved on to where you can make more short-term gains, but...there's substantial sticky, longer-term money basically (still) sat in that long," she said.
Revenues rose 47% to 182.3 billion yuan last year, the company said in a filing, as it cashed in on more than 25% rises in the prices of precious metal gold, which hit an all-time peak in August, and industrial metal copper.
The price jump bolstered Zijin's coffers, with cash and cash equivalents almost doubling from a year earlier to 11.79 billion yuan as of Dec. 31, paving the away for the continuation of an acquisition spree that has seen the company buy mines in Colombia and Guyana.