Low inventory figures published by the Shanghai and London exchanges lifted Chinese copper futures, which flirted with their daily trading limits on Monday. London Metal Exchange copper warehouse stocks fell by 150 tonnes to 43,475 tonnes on Friday, their lowest since 1988, while Shanghai Futures Exchange stocks dropped by 2,589 tonnes to 29,347 tonnes.
Most-active March futures closed at 30,620 yuan ($3,700) in Shanghai on Monday, after trading as high as 30,710 yuan, or 40 yuan under the upper trading limit for the day. Friday, the March contract closed at 30,000 yuan.
Shanghai's 2 percent rise tracked that of three-month copper futures on the London Metal Exchange, which traded at $3,111 a tonne at 0700 GMT Monday. Three-month LME copper futures traded at $3,048.50 a tonne at the close of Shanghai's markets Friday.
Cash copper in Shanghai rose with futures, to be assessed at 32,330-32,500 yuan on Monday, up from 31,750-31,900 yuan Friday. A total 179,144 lots traded in Shanghai copper futures on Monday, up from 150,458 lots Friday. Aluminium futures in Shanghai got a lift from copper and from higher London prices as well.
Most-active March aluminium closed at 16,330 yuan, up from Friday's close of 16,140 yuan.
A combined 28,772 lots of aluminium futures traded on Monday, up from 10,952 lots on Friday.
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