Shanghai copper futures jumped on Monday in their first trading session after a week-long market break, buoyed by persistently tight domestic spot supply. Most-active July ended at 32,380 yuan ($3,912) a tonne, up 290 yuan from April 29, the final session before the holidays. Other contracts also climbed, with front-month May leaping 870 yuan to a contract record of 35,840 yuan per tonne. Volume swelled to 109,918 lots versus 89,158 lots in the final session before the break. Spot prices picked up 560 yuan to trade between 37,280 yuan and 37,500 yuan per tonne.
"Shanghai shrugged off falls on the London Metal Exchange (LME) over the Chinese Labour Day holidays, because short spot supply and high premiums in the domestic market persist," a Shanghai trader said.
LME benchmark copper futures stood at $3,182.50 per tonne at 0701 GMT, up $9 from about the same time on Friday last week but down $17 from about the same time on April 29.
Aluminium futures in Shanghai held mostly steady on Monday with most-active July inching 20 yuan higher to close at 16,820 yuan a tonne, and the nearby May contract standing unchanged at 16,930 yuan.
Volume shrank to 10,352 lots from 16,318 lots previously.
Benchmark LME aluminium futures had traded at $1,170 by 0703 GMT, versus $1,779.50 a tonne at about the same time on Friday.
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