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Copper futures continued their sagging trend on Friday, hitting a new low after dropping their daily allowable limit on Thursday.

Price slumps were registered in all traded copper contracts for delivery from January to October. Contracts for delivery in the spot month fell the most, closing at 57,500 yuan per ton, down 3,030 yuan, or 5 percent, on the previous settlement price.

In contrast, the copper opening price on the London Merchandise Exchange (LME) rose slightly to $5,805 per ton from the previous day's $5,705 per ton .

The diversion of short-term funds from the base metal market to the booming stock market and the increasing copper inventories in international markets has also intensified the pressure on the metal's price.

The LME inventory of copper increased 7,775 tons and 1,975 tons respectively in the past two trading days. The LME's total copper inventory has doubled since early 2006 to 192,550 tons, the highest since March 2004.

"The downward trend of the copper price is not expected to end very soon. The lowest point is likely to be $5000 $5500, reached during the first quarter of this year," said Cai Ruoyi, an analyst with China International Futures Co Ltd. "The slump is a natural adjustment to the changing supply and demand in the market."

Despite a continuous fall expected in the coming months, the copper price is likely to maintain an upward curve in the long term, fluctuating within a wide band of between $5,000 and $8,000 per ton, according to industrial experts.

"As an important product in hedging risks and conducting capital allocation, copper takes a leading position in representing the developing trends for metals," said Li Xun, an analyst with Shanghai 's Dalu Futures Brokerage Co.

(For more biz stories, please visit Industry Updates)