A tight spot market pushed up prompt copper futures in Shanghai on Monday, but contracts from June onward lost ground as investors took profit. Shanghai warehouse figures released after the market closed on Friday showed copper inventories had fallen by 15,409 tonnes to 21,463 tonnes in the week ended on Thursday. That helped lift cash prices in Shanghai to 34,400 yuan to 34,580 yuan ($4,157 to $4,178) on Monday, up 265 yuan from Friday's prices.
The April contract rose 180 yuan from Friday's close to end at 33,350 yuan, while May closed up 60 yuan at 32,260 yuan. The strong spot market pushed out the April-May backwardation to 1,090 yuan.
But most-active June futures fell 50 yuan from Friday's close to end at 31,340 yuan as investors cashed in gains.
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