Chinese copper futures rose on Friday as investors braced for international prices to rise further during the upcoming weeklong holidays.
Chinese commodity futures markets are closed next week to celebrate the anniversary of the founding of the People's Republic. They re-open October 10.
The most-active December contract rose to 35,580 yuan ($4,397) a tonne, up 40 yuan from Thursday's close. Volume fell to 30,692 lots, from 33,186 lots, as high prices and the upcoming long break kept investors on the sidelines.
The rise in Chinese markets came despite a slip in benchmark London Metal Exchange copper futures, which traded at $3,802.50 a tonne, down $24.50 a tonne from the same time on Thursday.
A series of peaks in copper futures this year, as hedge funds bet on long-term deficits, have left Chinese investors reluctant to be caught short.
Domestic copper markets also tightened this week, as fabricators stocked up ahead of the break, and following several weeks of poor margins for importers.
On Friday, data released by the Shanghai Futures Exchange showed copper warehouse inventories at 29,452 tonnes on Thursday, down 3,431 tonnes on week.
The spot copper price rose 20 yuan on Friday, to 36,800-37,000 yuan a tonne. Shanghai aluminium futures ended mostly flat on Friday, although November fell and February rose. The most active January contract was unchanged at 16,600 yuan a tonne, while trading volume slipped marginally to 5,692 lots, down from 5,728 lots on Thursday.
Aluminium inventories also showed steep drops this week, falling 11,273 tonnes to stand at 38,112 tonnes on Thursday. The benchmark London aluminium contract stood at $1,872.50 a tonne, up $11.50 a tonne compared with the same time the day before.
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